Akash acquisition on track claims BYJU's amidst layoffs

Akash acquisition on track claims BYJU's amidst layoffs

Aakash, a Delhi-based provider of offline test preparation services, was purchased by BYJU's for $1 billion last year

IANSUpdated: Wednesday, June 29, 2022, 05:57 PM IST
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The $1 billion acquisition of Aakash Educational Services is on schedule and is anticipated to be finished by August, according to the EdTech behemoth BYJU's announcement on Wednesday.

Aakash, a Delhi-based provider of offline test preparation services, was purchased by BYJU's for $1 billion last year.

The business reacted to news that Blackstone and other Aakash stockholders had not yet received payment in stock and cash due to a payment delay.

A business official informed the media that the acquisition of "Aakash is fully on track and all payments are expected to be completed by the agreed-upon date, i.e., August 2022".

"Aakash is our most successful acquisition to date and we are very proud to have them in our fold," the company spokesperson added.

"Along with all our group companies, we continue to be perfectly poised to provide access to quality education in all learning segments from early learning to exam prep and career success", the spokesperson said.

Through Aakash Centers, Aakash Educational Services offers test preparation services for school/board examinations, other tests, as well as entrance exams for medicine and engineering.

Last year, the unicorn EdTech company acquired at least 10 companies for a total transaction value of around $2.5 billion.

The most recent BYJU's development occurs while the Indian EdTech sector contracts due to the reopening of schools, colleges, and physical tutoring facilities.

Over 10,000 start-up workers nationwide have been let off, mostly due to EdTech platforms like Unacademy, WhiteHat Jr, Vedantu, FrontRow, Udayy, Lido Learning, and others.

About 10% of Unacademy's total 6,000-person workforce—including educators, contract workers, and other staff members—were let go in April.

Unacademy reported in June that a tiny portion of its staff (2.6%, or almost 150 workers), had been asked to leave as part of a programme to enhance performance (PIP).

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