This is not the first time Byju’s has acquired a big education institution. In the past year, the company has acquired WhiteHatJr for $300million and Aakash Educational Services for nearly $1 billion. Byju also acquired US-based Osmo, an education game maker, for $120 million two years ago. Moreover, recently Byju’s and Walt Disney collaboratively launched a learning app targeted at Kindergarten to class 3 students. All these acquisitions will mark Byju’s footprint in the US.
|Year of Acquisition
|Aakash Educational Services
|$ 1 Billion
|$ 300 Million
The acquisition of Epic seems to be part of Byju’s Foray into the overseas market, from where this leading education technology company expects $300million in revenue in this financial year, said Cofounder Byju Raveendran. The Bangalore-based startup said it aims to invest around $ 1 billion in North America over the next couple of years.
The co-founder further added, “The Byjus is refinding the way kids are learning to use tech as a stronger enabler, both to create interactive formats that are engaging, more importantly, to personalize books that are recommended to kids on their reading proficiency.”
Byjus has to raise 2.7 billion from the investors, much of that, the company was valued at $16.5 billion in the last round of funding. According to Raveendran, Epic is the largest B2C platform to invest in the U.S. “Reading is a powerful format of learning. By creating love of reading, you’re creating love for learning” he said.
Epic has global involvement of about two million teachers and 50 million kids. These stats have doubled over the past year. Users have to subscribe to the channel to access it. Epic CEO Suren Markosian said- the platform is designed for personalizing reading for kids and putting the right book in front of the right kid. He further added, “Epic adjusts to children’s interest level, and the platform learns and grows with the child.”
Epic has 150-odd employees and it has been confirmed that CEO Markosian and Co-founder Kevin Donahue will remain in their roles.
With the increased adoption of ed-tech companies and aim to double the revenue in current FY21, Byju’s is reportedly to improve students’ learning experience. Sources said that the company is likely to announce the closure of the topper deal in the coming week.
At this time when many top startups and tech companies like Zomato, Paytm, and Mobikwik have either gone public or in the process of doing so at the end of this year, Byju’s is also looking at an IPO timeline of 15-18 months, said Raveendran- co-founder of Byju’s