Byju’s has announced acquisition of Aakash Education Institute. This is the first merge by Byju’s in an offline space. Aakash Institute with over 215 centers across the country run offline coaching classes. Aakash education provides offline coaching for Engineering and medical entrance examination. The acquisition gives a stronghold to Byju’s in the test preparatory segment.
According to Byju’s, the acquisition will be done through a strategic merger and the company will make further investment to accelerate Aakash’s growth. While the Byju hasn’t disclosed the terms of the deal. Meanwhile the source said that it consists of both cash and stocks to the tune of $1 billion. Last month Byju’s made about $600-700 million potential that will largely used to finance Aakash acquisition, report says.
Aakash founder JC Chaudhary and Aakash Chaudhary along with Blacktone will become shareholders in Byju’s. Whereas Blackstone had picked up 37.5% stake in Aakash Institute for about 1350 crore.
Aakash’s strong performance over the years seems to have triggered Byju’s interest. During FY20, its revenue from operations grew by 8.7% to Rs 1,214 crore from Rs 951.5 crore in FY19.Around 86% of this income was earned through income from direct coaching while the rest 14% was earned through franchise fees and product sales collected from franchise holders. During FY20, the company recorded profits of Rs 244.7 crore at an EBITDA margin of 33.89%.
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