After buying Aakash Instructional Providers, Bengaluru-based edtech main Byju’s in the present day introduced it has acquired US-based digital studying platform Epic in a $500 million money and inventory deal.
That is Byju’s second-largest acquisition deal. Beforehand, The edtech main had acquired Aakash Instructional Providers (AESL) for practically $1 billion. The event comes virtually a month after it had raised $50 million in a Sequence F spherical from IIFL’s non-public fairness fund.
Based in 2013 by Suren Markosian and Kevin Donahue, Epic is an internet digital studying platform constructed on a group of 40,000+ standard, high-quality books from 250+ of the perfect publishers that helps to gas curiosity and produce confidence in children aged 12 and underneath. The platform at present has two million lecturers and a person base of fifty million college students.
Based on Crunchbase, Epic thus far has raised over $51 million in its funding rounds from traders akin to 500Startups, Maven Ventures, Brighteye Ventures, Social Begins, and so forth. The present deal will assist Byju’s to develop its presence within the US market.
“It’s the largest B2C edtech platform within the Okay-12 phase and has a powerful product functionality that matches effectively into our total plan of constructing an edtech ecosystem,” mentioned Byju Raveendran.
This isn’t the primary US-based acquisition for Byju’s, Beforehand, It had acquired instructional video games maker Osmo in January 2019 for $120 million. Additional, The startup goals to take a position round $1 billion within the US market over the following couple of years.
Submit-transaction, Suren and Kevin can be persevering with with Epic, the corporate mentioned in an announcement.
Talking on the event, Suren Markosian, CEO of Epic, mentioned:
“We created Epic to make high quality books extra accessible to children all over the place and to construct a protected place for them to find the enjoyment and magic of studying in their very own approach…Collectively (with Byju’s), we may also help empower future generations of children by fostering a lifetime love for studying and studying.”
Over the past two years, Byju’s has made acquisitions price over $2 billion, together with Aakash Instructional Providers (AESL), Scholr, Osmo, Whitehat Jr., TutorVista, HashLearn, and reportedly GradeUp and Toppr.
The present deal is a part of Byju’s world growth plan. In April 2021, The startup had launched the one-on-one studying platform ‘Byju’s Future College’ as a subsidiary underneath Byju’s.
Observe IndianStartupNews on Fb, Instagram, Twitter for the newest updates from the startup ecosystem.