Byju’s company Aakash’s IPO may come by the middle of next year
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Byju’s said in a statement that the merchant banker for Aakash’s IPO would be announced soon. The company says that with this IPO, Aakash will get capital to expand its infrastructure and reach. After buying Byju’s, Akash’s revenue has tripled in the last two years. The revenue of the test-prep market is expected to grow at a CAGR of 9.3% during 2020-25. In this, the online segment can grow at a speed of more than 42.3 percent. Akash and Byju can get a lot of benefit from this.
one billion dollar deal
In January 2021, Byju signed a one billion dollar deal to buy Aakash Education Services. The company also acquired Toppr and WhiteHat Jr. There was a huge spurt in the demand for edtech services during the lockdown but now their demand has come down significantly. In recent months, companies in this sector had laid off thousands of employees. Byju’s laid off full-time and contract employees from Toppr, WhiteHat Jr, and sales and marketing, operations, content and design teams.
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