BENGALURU: A change is on its way in the top order of the most valued Indian startups.
Edtech major Byju’s is set to be the most valued startup in India amid the pandemic, toppling SoftBank- and Alibaba-backed Paytm, which is valued at $16 billion. Byju’s is in advanced stages of talks to raise another $150-200 million from UBS Group, after which it is expected to be valued at around $16.5 billion, a person aware of the matter said. The cheque size could change. This is on top of the $1-billion funding it is currently closing at a valuation of over $15 billion from a clutch of new and existing investors.
: Friday, April 30, 2021, 12:32 AM IST
Byjuâs acquisition spree: After Aakash Institute, WhiteHat Jr and Scholr, now in talks with two more platforms
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Edtech major Byjuâs has no plan to stop or slow down. After Aakash Institute, WhiteHat Jr and Scholr, now it is in talks with upskilling platform Great Learning and test prep firm Gradeup. It is assumed that talks with Toppr also continues simultaneously.
According to Entrackr, Facebook-backed unicorn is in advanced-stage talks to acquire the two platforms.
According to sources, conversations with both companies have reached the post term sheet stage. âByjuâs is likely to spend over $330-350 million to acquire Great Learning,â stated a source.
At the top
The Thadomal Shahani Centre for Management recently secured a place in the Tech-100 Higher Education Institutes of India, an initiative by APAC News Network. The list recognises the top 100 progressive higher education institutions in India that are leading digital transformation to boost academic as well as operational excellence in the sector.
upGrad and Amrita University partnership
upGrad recently announced its partnership with Amrita University (Vishwa Vidyapeetham) and the addition of two new degree programmes Bachelor of Business Administration (BBA) and Bachelor of Computer Applications (BCA) degrees to its online learning portfolio. The three-year undergraduate (UG) degree programmes will be powered by upGrad and learners will receive an Amrita Alumni status, including internships, projects, and placement help, along with their degree.
Riding out the Maha lockdown
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We ll soon meet in your inbox. / Morning Dispatch
This feels so 2020.
Maharashtra is once again in lockdown, albeit partially, and the threat to businesses looms large in India’s richest state. But this time, e-commerce firms know better. There are learnings from last year. For restaurants, however, this better not be a death knell, for deliveries too are curtailed.
Also in today’s newsletter: Swiggy, Meesho raise funds Facebook data breach, again
Maha lockdown. Ecomm unlocked
Lockdown 2021: In a notification issued Sunday. the state government announced a partial lockdown, night curfew and shutdown of malls, multiplexes, restaurants and bars to curb the steep spike in Covid-19 cases. Delivery and supply chain staff of e-commerce firms must either be vaccinated or carry a negative RT-PCR test report that would be valid for 15 days, starting April 10.
Byju’s acquires test prep major Aakash for nearly $1 billion
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Byju’s acquires test prep major Aakash for nearly $1 billion
Digbijay Mishra / TNN / Updated: Apr 6, 2021, 08:08 IST
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BENGALURU: Ed-tech major Byju’s has acquired brick-and-mortar test preparation firm Aakash Institute in a mega deal valued at nearly $1 billion. The acquisition, which will create one of the largest education groups in India, is through a mix of cash and stock.
J C Chaudhry and Aakash Chaudhry, founders of Aakash Educational Services that runs the coaching centres under the name of Aakash Institute, and Blackstone, an investor in Aakash, have sold parts of their stakes for cash, and have also got shares in Byju’s parent firm, Think and Learn, at a valuation of around $12 billion.