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Unacademy, India's second-largest edtech company, has been exploring a potential merger with Aakash Educational Services, an offline coaching business, as it struggles to maintain growth and profitability. Talks of a merger had taken place earlier, but disagreements over valuation and leadership hindered the deal. This time, Byju Raveendran, co-founder of Byju's, was not interested in the merger, as it would not benefit him or his company. Unacademy has been facing difficulties in raising funds, and its core business of test-prep has seen declining revenue percentages. The company is now focusing more on its offline centers to boost growth and has experienced multiple rounds of layoffs.

Unacademy CEO Gaurav Munjal has pursued several acquisitions and mergers in the past, but many of them have not materialized or have not led to significant revenue growth. The company's shift towards offline coaching comes at a time when its online learning business is facing headwinds. To turn the company around and attract investors, Munjal needs to demonstrate revenue growth and a sustainable business model in the offline coaching sector. However, offline coaching is a capital-intensive, competitive, and geographically limited business, making it a challenging venture for Unacademy.

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