BYJU’s, Aakash Educational Services Deny Merger Talks With Rival Gaurav Munjal-Run Unacademy

New Delhi, March 24: Edtech major BYJU's on Friday denied reports that it is considering a merger of rival Gaurav Munjal-run Unacademy into Aakash Educational Services.

Reacting to a Money Control report which said, citing sources, that SoftBank-backed Unacademy is in talks for a potential merger with BYJU's-owned Aakash, the company denied any such move. BYJU's Likely To Shut Down Beleaguered Coding Platform WhiteHat Jr as Part of Cost Cutting: Reports.

"We strongly deny that BYJU'S is considering a merger of Unacademy into Aakash Educational Services. As a parent company, BYJU'S is committed to investing in the growth of Aakash Educational Services, which is growing at more than 50 per cent year-on-year," a BYJU's spokesperson said in a statement.

An Aakash spokesperson said that they have had "absolutely no discussions with Unacademy or any other player to merge with Aakash Educational Services.

"Aakash is a market leader in our segment with an impeccable track record of delivery and results and we are focused on our organic growth and delivery to the lakhs of students that have trusted us," the Aakash spokesperson added. BYJU's Layoffs: Sacked Employee Writes on LinkedIn After Being Fired, Says ‘Whatever Happens, Happens for the Good’.

Unacademy declined to comment on the development. Meanwhile, Byju Raveendran-run BYJU's is in advanced stages to raise $250 million at a flat valuation (at $22 billion the company last announced) as it struggles to repay a $1.2 billion term loan and turn profitable in 2023.

The latest funding round is in "final stages of discussion and will be closed soon within a few weeks", according to sources. BYJU's also declined to immediately comment on the development.

(The above story first appeared on LatestLY on Mar 24, 2023 11:26 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).