Indian edtech giant, Byju’s, has announced its plans to take its educational institute, Aakash Education Services, public through an initial public offering (IPO) by mid-2024. The decision follows Byju’s acquisition of Aakash Education Services in April this year for $1 billion.
Byju’s, which is backed by technology investors including Facebook’s Mark Zuckerberg and US investment firm Silver Lake, has seen significant growth in recent years with the Covid-19 pandemic accelerating digital education adoption. The company now boasts over 100 million users and has expanded its services beyond India to multiple international markets.
The IPO plans for Aakash Education Services will mark yet another milestone in Byju’s ambitious growth strategy. Aakash operates in the highly competitive medical and engineering exam preparatory market in India and has over 215 centres across the country.
Going public is a natural progression for us, which will help us further our vision of reaching out to students across the country, said Aakash Chaudhry, CEO of Aakash Educational Services.
Byju’s listing of Aakash Education Services is expected to further cement its position as one of India’s top edtech companies. The firm has also recently made a series of acquisitions, including Epic, an e-book platform for children in the US, and Great Learning, an Indian professional education start-up.
As education continues to shift online, Byju’s is well-positioned to capitalize on the trend and is expected to see further growth in the coming years. The IPO announcement for Aakash Education Services is likely to attract significant attention from investors, particularly given the momentum in India’s edtech sector.
