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- Aakash Educational Services
Aakash Educational Services Acquisition, Valuation, Funding & Investors
Aakash Educational Services was acquired by BYJU'S for $950M in January 2021, a 5.9x multiple on $161M of revenue.
Aakash Educational Services revenue at acquisition
$161M
Last twelve months · Jan 2021
Aakash Educational Services revenue multiple at acquisition
5.9x
EV/Revenue · Jan 2021
Cumulative funding Aakash Educational Services raised
$502M
across 3 funding rounds
About Aakash Educational Services
Aakash Educational Services is a New Delhi-based provider of coaching for JEE Main, JEE Advanced, NEET, and foundation exams through over 300 centers across 150 cities in India. Acquired by Byju's in 2021, the institute delivers classroom programs, digital courses, and test series for medical and engineering entrance preparations. It operates under the Aakash Institute brand, established in 1988, and supports school-level scholarships and Olympiad training nationwide.
Founded
1988
HQ
Website
Status
Acquired
Customer focus
B2C
Revenue model
Services
Revenue
$161M (Jan 2021)
Valuation
$700M (Jan 2024)
Sectors
Aakash Educational Services Acquisition
Aakash Educational Services was acquired by BYJU'S for $950M on 13 January 2021.
The acquisition price implies a 5.9x revenue multiple on $161M of revenue.
Before the acquisition Aakash Educational Services had raised $502M across 3 funding rounds.
BYJU'S acquired Aakash Educational Services Limited (AESL), a leading tutorial chain specializing in test preparation for medical, engineering entrance exams, school/board exams, KVPY, NTSE, Olympiads, and foundation level exams through over 215 centers, known for integrated teaching and student-centered learning. The deal, announced around January 2021 and reported as completed by April 2021, was a cash-and-stock transaction valued at nearly $950 million to $1 billion, marking BYJU'S largest acquisition and the biggest by an Indian startup in the sector at the time. The strategic merger combined AESL's offline test-prep expertise with BYJU'S online content and technology capabilities to create a hybrid learning model blending offline and online education, accelerated by pandemic trends. BYJU'S Founder and CEO Byju Raveendran noted plans to integrate Aakash's test-prep strengths, further invest post-integration, and leverage the acquisition to exceed $1 billion in combined revenues for the next financial year. EY advised BYJU'S, while Phoenix Advisers advised AESL; the deal positioned BYJU'S for expansion in test-prep and global markets.
| Acquirer | Date | Type | Price | EV/Revenue |
|---|---|---|---|---|
| 13 Jan 2021 | Strategic M&A | $950M | 5.9x |
Aakash Educational Services Valuation
Aakash Educational Services is currently valued at $700M, based on its undisclosed-stage round in January 2024.
The $300M round was led by Ranjan Pai.
Aakash Educational Services' valuation has grown 1.4x from $500M at its undisclosed-stage round in October 2019 to $700M in January 2024, across 2 priced rounds.
Aakash Educational Services valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Jan 2024 | Undisclosed stage | $700M |
| Oct 2019 | Undisclosed stage | $500M |
Aakash Educational Services Funding History
Aakash Educational Services has raised a total of $502M across 3 funding rounds.
Aakash Educational Services' first fundraising round was a $190M undisclosed-stage round in October 2019. The most recent completed round was a $11M Series A in November 2025.
Aakash Educational Services funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Nov 2025 | Series A | Manipal Group (lead); Beeaar Investco | $11M | - | Aakash Educational Services Limited completed a Rs 100 crore rights issue in November 2025, with existing shareholders Manipal Group and Beeaar Investco participating proportionately to their stakes. Manipal Group, the largest shareholder with approximately 58% ownership, invested Rs 58 crore, while Beeaar Investco contributed Rs 16 crore. The rights issue was part of broader capital-raising efforts by Aakash, which subsequently indicated plans for an additional Rs 140 crore rights issue and a larger funding round targeting private equity investors by mid-2026. Aakash's financial performance in FY24 showed revenues remaining stable at Rs 2,437 crore, though the company reported significant losses of Rs 2,443 crore, primarily due to exceptional items. Excluding these exceptional charges, the company reported a loss of Rs 61 crore. The rights issue proceeded despite opposition from Byju's parent company Think & Learn Pvt Ltd (TLPL), which attempted to subscribe with Rs 25 crore but faced share allotment withholding due to alleged FEMA and ECB compliance irregularities. The capital infusion supports Aakash amid ongoing leadership transitions and broader consolidation pressures in India's edtech sector. Manipal Group, through its family office and education group, continues to increase its commitment to Aakash while simultaneously pursuing a potential acquisition of BYJU'S (Think & Learn Pvt Ltd) through insolvency proceedings, with a stated strategic goal of consolidating BYJU'S minority stake in Aakash to strengthen the coaching chain's business operations. |
| Jan 2024 | Undisclosed stage | Ranjan Pai (lead) | $300M | $700M | Aakash Educational Services is a leading Indian test-prep coaching chain focused on competitive exams like medical and engineering entrances, acquired by Byju's in 2021 for $950 million but facing challenges due to the edtech parent's cash crunch and controversies. In early 2024, around January, Ranjan Pai's family office converted $300 million of debt investment from 2023 into equity, securing approximately 40% stake and valuing the company at $700 million post-conversion, rendering it debt-free. This followed Pai's earlier INR 1,400 crore purchase of Davidson Kempner's debt instruments in November 2023, settling disputes and positioning Pai as the largest shareholder ahead of Byju's. The conversion was approved by the Aakash board, with Pai's stake reaching 39.6-40% after also acquiring founder JC Chaudhry's 11% stake, subject to CCI approval. Byju's stake adjusted to around 51%, while founders' holding diluted. This transaction marked Pai as a white knight investor amid Aakash's funding struggles tied to Byju's issues, including challenges to its rights issue by Byju's resolution professional over dilution fears. Post-conversion, Pai's family office planned further investment via an INR 450-500 crore rights issue, with INR 250 crore committed in tranches based on shareholder response and performance targets, first INR 100 crore tranche approved. Management eyed a larger PE-backed round by mid-2026. |
| Oct 2019 | Undisclosed stage | Blackstone (lead) | $190M | $500M | Aakash Educational Services Limited (AESL) is India's leading provider of test preparation services for medical and engineering entrance exams like NEET and JEE, operating over 200 centers across 130 cities and serving more than 250,000 students with a focus on live tutoring and growing digital presence. On October 30, 2019, Blackstone announced a partnership with AESL, investing approximately US$190 million (Rs 1,350 crore) for a 37.5% stake, valuing the company at USD 500 million, with potential to increase to 51% following CCI approval. The deal aims to accelerate AESL's expansion into online live tutoring organically and via acquisitions, leveraging Blackstone's expertise to build India's largest digitally enabled, omni-channel education company. Blackstone highlighted AESL's scaled test preparation business, professional management, best-in-class governance, and proven results in standardized tests, positioning it to bring high-quality education closer to students' homes through its distributed physical network supplemented by digital growth. AESL's Chairman J.C. Chaudhry emphasized leveraging Blackstone's global reach for expansion into new areas and edtech, delivering value to students, employees, and stakeholders. Amit Dixit from Blackstone noted the firm's thesis to enhance AESL's omni-channel model. Subsequent developments include Byju's acquiring AESL for nearly US$1 billion in a stock-and-cash deal in April 2021, combining Aakash's test-prep expertise with Byju's tech capabilities, though this is a later transaction post-Blackstone investment. |
Who has invested in Aakash Educational Services?
4 investors have backed Aakash Educational Services across its funding rounds, including Blackstone, Ranjan Pai, Manipal Group and Beeaar Investco.
Lead investors include Manipal Group, Ranjan Pai and Blackstone.
Aakash Educational Services Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 1 | Lead | Oct 2019 | ||
| 1 | Lead | Jan 2024 | ||
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Start Free TrialAcquisitions by Aakash Educational Services
Aakash Educational Services has acquired 1 company to date.
Last acquisition by Aakash Educational Services was on January 4th 2020. Aakash Educational Services acquired meritnation.com for $7M.
Latest Acquisitions by Aakash Educational Services
| Description | Meritnation.com is a Noida, India-based online learning platform for K-12 students aligned with CBSE, ICSE, Maharashtra, Tamil Nadu, Karnataka, and Kerala boards. The service delivers live classes, animated videos, interactive exercises, practice problems, and tests to millions of users, backed by the Naukri.com group. |
| HQ Country | |
| HQ City | New Delhi |
| Deal Date | 4 Jan 2020 |
| Valuation | $7M |
| EV/Revenue | |
| EV/EBITDA | |
This data is available for Pro users. Sign up to see all Aakash Educational Services acquisitions and their M&A valuation multiples. Start Free Trial | |
Aakash Educational Services Competitors
Aakash Educational Services competitors include listed companies like Stadio Holdings and China Education, and private ones like Hotchalk, Scaler Academy, Minerva Project and Passage.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $700M | - | ||
| Private | $110M | - | $710M | 6.5x | ||
| Private | - | - | $689M | - | ||
| Publicly listed | $113M | $34M | $713M | 5.8x | ||
| Private | - | - | $657M | - | ||
| Publicly listed | $1.1B | $342M | $654M | 1.6x |
Aakash Educational Services Public Comps
Aakash Educational Services is no longer listed, but its public comps include Stadio Holdings, China Education, Scholastic, Lincoln Educational Services, Jiangsu Chuanzhiboke, Taaleem Holdings, Gaotu Techedu, YDUQS, Cogna Educação and Ataa Educational.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $113M | $34M | 6.4x | 5.8x | 21.3x | 19.2x | |||
| $1.1B | $342M | 1.6x | 1.6x | 5.1x | 3.1x | |||
| $1.6B | $180M | 0.6x | 0.6x | 5.0x | 6.1x | |||
| $518M | $49M | 1.9x | 1.7x | 20.4x | 13.3x | |||
| $57M | ($7M) | 8.9x | 6.3x | (67.8x) | - | |||
| $295M | $84M | 4.4x | 3.6x | 15.4x | 14.3x | |||
| $917M | ($38M) | 0.2x | 0.2x | (4.3x) | (33.7x) | |||
| $1.1B | $310M | 1.3x | 1.2x | 4.3x | 3.7x | |||
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Common questions about Aakash Educational Services
| When was Aakash Educational Services founded? | Aakash Educational Services was founded in 1988. |
| Where is Aakash Educational Services headquartered? | Aakash Educational Services is headquartered in India. |
| Is Aakash Educational Services publicly listed? | No, Aakash Educational Services was acquired by BYJU'S in January 2021. |
| Who acquired Aakash Educational Services? | Aakash Educational Services was acquired by BYJU'S in January 2021. |
| How much was Aakash Educational Services acquired for? | Aakash Educational Services was acquired for $950M in January 2021, a 5.9x revenue multiple. |
| What is Aakash Educational Services' valuation? | Aakash Educational Services was last valued at $700M in its undisclosed-stage round in January 2024. |
| How much funding has Aakash Educational Services raised? | Aakash Educational Services has raised $502M across 3 funding rounds. |
| What was Aakash Educational Services' last funding round? | Aakash Educational Services' last funding round was a $11M Series A in November 2025, led by Manipal Group. |
| Who are Aakash Educational Services' investors? | Aakash Educational Services' investors include Blackstone, Ranjan Pai, Manipal Group and Beeaar Investco. |
| Which companies are comparable to Aakash Educational Services? | Companies comparable to Aakash Educational Services include Hotchalk, Scaler Academy, Minerva Project, Stadio Holdings, Passage and China Education. |
| How many companies has Aakash Educational Services acquired? | Aakash Educational Services has acquired 1 company, including meritnation.com. |
| What was the largest acquisition by Aakash Educational Services? | The $7M acquisition of meritnation.com in January 2020 is the largest acquisition Aakash Educational Services has made to date. |
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