CCI approves Byju's acquisition of Aakash Educational Services
1 min read 08 Jun 2021, 07:35 PM ISTLaunched in 2015, Byju’s has over 80 million students cumulatively learning from the app, 5.5 million annual paid subscriptions, and an annual renewal rate of 86 %. During April-September 2020, Byju’s added 45 million new students to its platform.
PremiumThe Competition Commission of India (CCI) has today approved the proposed combination relating to ed-tech startup Byju’s acquisition of a certain stake of Aakash Educational Services Limited (AESL) and thereafter merger of BYJU’s and AESL under Section 31(1) of the Competition Act, 2002.
Byju’s, which is the most valued ed-tech startup in the country, is backed by marquee investors like Mary Meeker, Yuri Milner, Chan-Zuckerberg Initiative, Tencent, Sequoia Capital, Tiger Global and others. It is estimated to have raised over USD 2 billion in funding to date.
"The proposed combination will result in merger of AESL into Byju’s, as a consequence of which, BYJU’S will be the surviving entity. As such, Byju’s shall effectively acquire complete and sole control over AESL," the corporate affairs ministry said in a statement on Tuesday.
"BYJU’S is a private limited company incorporated in India. BYJU’S, directly and through its subsidiaries, provides online educational services. It offers a technology-based education platform for primary and secondary school subjects, overseas and domestic test preparatory coaching services for entrance examinations for engineering, medical, etc," the statement said.
AESL is an unlisted public limited company incorporated in India. AESL (directly, or through its subsidiary Aakash Edutech Private Limited, or through its franchisees) provides curriculum-based coaching for K-12 students and test preparatory services for various competitive examinations such as, engineering examinations, medical examinations, Olympiads, National Talent Search Examination, etc.
“Our complementary strengths will enable us to build capabilities, create engaging and personalised learning programmes. The future of learning is hybrid and this union will bring together the best of offline and online learning, as we combine our expertise to create impactful experiences for students," Byju Raveendran, founder and CEO of Byju’s, said to the news agency PTI.
The addition of Aakash is a significant step towards strengthening its product offering, he added.
Launched in 2015, Byju’s has over 80 million students cumulatively learning from the app, 5.5 million annual paid subscriptions, and an annual renewal rate of 86 %. During April-September 2020, Byju’s added 45 million new students to its platform.
- With inputs from agencies
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