Byju’s gearing up to go public before April 2023, according to the co-founder Byju Raveendran. Recently, it has acquired Akash Educational Services Limited keeping in view the purpose of reinforcing its existence in the test preparation segment of the country.
The deal got finalized having the worth close to Rs 7,300 cr. Which turns out to be the biggest acquisition by Byju’s till date.
“We could have created a hybrid model (for test preparation) ourselves but that would have taken us 2-3 years to build and a total of five years to show results. Hence, with Akash we saw a real synergy coming together of conceptual learning’’, said the co-founder of Byju’s.
Further, he added, “You need a group studying environment and interaction with teachers during preparation which can only be achieved through offline play. Hence, this acquisition allows the online and offline play to come together in the best possible way”; as quoted by Mint.
Again, regarding the IPO plans, he mentioned, “We are seriously thinking of an 18-24 months timeline to look at a public offering. But it can take a bit longer since we are in no hurry and will look at the right market timing,” in an interview with LiveMint.
Byju’s is one of the most paramount educational startups in the country. It was launched in 2015 and as of now, it has successfully established a broad base in the field of education. Over 80 million students are studying through this app while there are around 5.5 million annual paid subscriptions.