Indian edtech decacorn startup Byju's dismissed rumors that it is acquiring competitor Unacademy.
The firm was initially reported to be considering a merger with its subsidiary Aakash Educational Services. Instead, Byju's said that it is gearing up for an IPO listing for Aakash.
Sources close to the matter informed TechCrunch that Byju's held advanced discussions with banks Citi and Goldman Sachs for the IPO.
- Byju's acquired Aakash for nearly $1B in April 2021, with $600M paid in cash and the remaining in stock.
- Byju's claims that Aakash is demonstrating a 50% YoY growth.
- SoftBank-backed Unacademy, last valued at $3.44B, reduced its burn rate as it eyes profitability in the coming quarters.
