Bought for $1 billion in 2021, Aakash will hit the IPO street next year. What remains unclear is the much-delayed financial results of Byju's, which has been recently in the news for a valuation markdown from $22 billion to $8.4 billion
Byju Raveendran, Founder and CEO of BYJU'S
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Byju’s has announced the initial public offering (IPO) plans of educational institute Aakash Education Services, its costliest acquisition, which also happens to be the biggest revenue spinner for the embattled edtech major that was recently in the news for a valuation markdown by BlackRock, one of its backers. Aakash, underlines the media release announcing the IPO plans, has clocked a three-fold increase in revenue over the last two years. “It’s on track to reach Rs4,000 crore with an EBITDA of Rs900 crore in FY24,” the release claimed.