Aakash expects to clock 3 times growth under BYJU’s fold with Rs 3,000 crore biz in FY23

New Delhi, March 31 (PTI) Education firm Aakash expects to close the financial year 2023 with Rs 3,000 crore revenue thereby registering three-fold growth since its acquisition by BYJU’s, the company said on Friday.

BYJU’s acquired Aakash Educational Services Limited (AESL) for about USD 950 million, about Rs 7,100 crore, in April 2021.

“With AESL’s continued expansion in the physical and digital domains, and with its revenues expected to cross Rs 3,000 crore this year, the company is well-positioned to maintain its position as the leader in test prep for JEE and NEET coaching in India,” the company said in a statement.

Since the acquisition in 2021, AESL said that it has witnessed tremendous growth, with both revenue and profits tripling during the period.

“Thanks to our partnership with BYJU’S, AESL has been able to add a lot of digital muscle, enabling us to go deeper into the Indian market. Today, technology is at the core of our classroom programmes and, with our impeccable pedagogy built over years of research, together we have built a truly Indian brand with global reach,” AESL CEO Abhishek Maheshwari said.

The company has opened 115 new centres, bringing the total number of centres to 320.

“There is still a lot of untapped demand for test prep in India. Keeping that in mind, we are expanding our presence across India’s tier 2, 3, and 4 cities to ensure we are accessible to students across the country,” Maheshwari said.

AESL has over 5,700 teachers and more than 4 lakh currently enrolled students.

“Since the acquisition, AESL has registered a 3X growth in revenue and we look forward to integrating our synergies further to reimagine education for students everywhere. Our goal is to empower every student in India with quality education. With our expansion plans and student-centric approach, we are confident that AESL will continue to broaden its horizons and lead the way in the education sector,” BYJU’s co-founder Divya Gokulnath said.