CURRENT AFFAIRS

Detailed explanation-1: -Representative Image. NEW DELHI: Leading edtech company BYJU’S is reportedly acquiring Delhi-based offline test preparatory services provider Aakash Educational Services for $ one billion (nearly Rs 7, 300 crore), the media reported.

Detailed explanation-2: -Byju’s had acquired Aakash Educational Services for a cash and stock deal of almost $950 million in April 2021. However, Byju’s said that the loan is in effect an advance against the marketing activities and campaigns that it has been running for Aakash.

Detailed explanation-3: -Byju’s acquired Aakash Institute for $950 million in April 2021 but the payment to Blackstone – which held around 38% stake in Aakash – was delayed.

Detailed explanation-4: -Blackstone owned nearly 38 per cent of the online coaching chain before the acquisition. The Tiger Global-backed company has made acquisitions worth close to $3 billion across 13 deals in the past 18 months including Aakash, Great Learning ($650 million), Epic ($500 million) and Toppr ($150 million).

Detailed explanation-5: -The addition of Aakash is a significant step towards strengthening BYJU’S product offering. It reiterates the company’s focus on creating impactful learning products for students by adding more verticals, subjects, and languages to the same platform.