Edtech giant Byju’s is in talks with bankers to publicly list its offline coaching unit Aakash Educational Service according to the media reports. The listing might take place at the beginning of 2023. Aakash is a wholly-owned subsidiary of Byjus and is profitable as well.
The media reports mentioned that it is looking to raise $800 million to $1 billion in the initial public offering (IPO) of Aakash at a valuation of over $3.5 billion. It is Currently, valued at $22 billion and has delayed its own IPO planned earlier this year through the SPAC route at a valuation worth $40 billion, due to uncertain macroeconomic conditions.
Meanwhile, Byju’s is implementing several cost-cutting measures, including the layoff of 2500 employees, or 5 per cent of its workforce. There will be layoffs in the sales, content, media, and technology divisions.
For the fiscal year 2020-21, its losses increased twentyfold to Rs 4,589 crore on revenue of Rs 2,428 crore.
Categories: Other News