New Delhi: Edtech major BYJU's has denied having had any talks for a potential merger with Gaurav Munjal-run Unacademy and ruled out any such move, IANS reported.
A Money Control report had cited sources and said that SoftBank-backed Unacademy is in talks for such a merger, but BYJU's denied the 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 was quoted as saying by IANS.
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.