Byju's denies merger claims with rival Gaurav Munjal-run Unacademy, close to raise $250 million
An Aakash spokesperson said that they have had "absolutely no discussions with Unacademy or any other player to merge with Aakash Educational Services.
Earlier this month, a report by MoneyControl claimed that edtech major Byju's is merging into Aakash Educational Services but now, the company has denied the claims of any merger with rival Gaurav Munjal-run Unacademy.
"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.
Unacademy declined to comment on the development.
Meanwhile, Byju's is in advanced stages to raise $250 million at a flat valuation (at $22 billion the company last announced). The company is currently struggling to repay a $1.2 billion term loan and turn profitable in 2023. (with inputs from IANS)