Aakash (subsidiary of Byju)
Aakash, which was acquired by leading edtech firm Byju’s in 2021 for $950 million, is reportedly preparing to launch its IPO by mid-2024. Since the acquisition, Aakash has seen a significant three-fold growth in revenues, with a revenue target of ₹4,000 crore and an estimated ₹900 crore in EBITDA by FY 2023-24. The test-prep market, where Aakash holds a significant position, is projected to grow substantially, making the upcoming IPO an attractive opportunity for potential investors. Still, investor scrutiny is expected to increase due to recent challenges faced by Byju’s, including issues with lenders, workforce cuts and concerns raised by auditors.