Byju’s is reportedly buying Indian brick-and-mortar institute Aakash for $1 billion – TechCrunch

In the end we can have an answer as to why Byju, The world’s most valuable edtech startup, Increased last year’s spending millions of dollars.

Bloomberg Reports The Bengaluru-based startup has agreed to buy Aakash Educational Services, which operates more than 200 physical tuition centers across the country, aimed at students preparing to qualify for top engineering and medical colleges.

According to the publication, Biju will pay $ 1 billion to purchase Akash Educational Services, which serves more than 250,000 students. A Byju spokesperson declined to comment.

Biju has raised more than $ 800 million in the last two years, and its value has more than doubled to $ 11 billion. Startups, eg Many other edtech firmsThe epidemic drew millions of students to its platform last year, prompting New Delhi to close schools nationwide.

Byju prepares students pursuing undergraduate and graduate level courses, and has also expanded its list in recent years to serve all school going students. On the Byju’s app, tutors deal with complex topics using real-life items such as pizza and cakes. Startup, which Profitable at the end of 2019, Serves more than 70 million students.

In one Interview at TechCrunch interrupted last year, Byju Raveendran, co-founder and chief executive of Byju, said the startup, which acquired a coding platform aimed at younger students Whitehat Jr. for $ 300 million last year, Was open to more merger and acquisition opportunities.

The startup is supported by a number of high-profile investors, including Bond, which was co-founded by Mary Meeker. Bond expects Biju to be worth more than $ 30 billion within three years, a person familiar with the matter told TechCrunch earlier.