India’s biggest online-education startup Byju’s had signed a deal to acquire brick and mortar test prep leader Aakash Educational Services for $1 billion. Blackstone Group-backed Aakash Educational Services ran Aakash Institute would swap a portion of its 37.5% equity in Aakash for Byju’s stake. Byju’s, which is valued at $12 bn, had been on a fund-raising spree as the pandemic demanded its online lessons.