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.
An Aakash spokesperson said that they have had “absolutely no discussions with Unacademy or any other player to merge with Aakash Educational Services.
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 the “final stages of discussion and will be closed soon within a few weeks”, according to sources.