Byju’s, India’s second most valuable startup, on Monday announced the purchase of Aakash Educational Services Ltd (AESL) for about $1 billion, in what is touted to be the most expensive acquisition in the Indian edtech space. The deal also marked Byju’s focus on the Indian market for test preparations.
Byju’s has been reaping the gains of a covid-induced boom in edtech, with its valuation soaring to $13 billion recently from $8 billion in January last year. The company, which raised equity funding of $1.25 billion in 2020, could potentially overtake digital payments firm Paytm as India’s most valuable startup. Paytm is valued at around $16 billion.