Edtech unicorn BYJU’S on Thursday (September 17) acquired Unitus Ventures’ funded edtech startup LabinApp for an undisclosed amount.
Hubli-based LabInApp has raised a seed round investment led by Unitus Seed Fund along with participation from other investors including Sylvant Advisors. The education startup provides science learning through 3D virtual graphics which helps students to interact, visualise, and explore science.
BYJU’S is the highest valued edtech startup in the world and has noticed an uptake in its userbase since the lockdown. The company claims to have added nearly 20 Mn new students on its platform. Overall, it has a userbase to 64 Mn students, of which 4.2 Mn have annual paid subscriptions.
Founded in 2008 by Divya Gokulnath and Byju Raveendran, BYJU’S has raised $500 Mn in a funding round led by US-based private equity investor Silver Lake. The round had valued BYJU’S at $10.8 Bn.
With BYJU’S acquisition, Unitus will be exiting the company completely.
Founded in 2015 by Pavan Shinde, Girish Shirigannavar, Pramod Ramdurg, and Vinayak Hulabutti, LabInApp provides a license-based programme that includes experiments in general science, physics, chemistry and biology for class 9 to class 12 using 3D simulation.
“Technology has become the core to most human essentials, with ed-tech topping the chart; especially in the pandemic world. While schools have their set of challenges, students shouldn’t miss out on experiential learning. Keeping this in mind, we have created a virtual learning & teaching environment representing science laboratories where teachers can teach practical concepts to students”, said Pavan Shinde, Co-founder & CEO, LabInApp.
According to DataLabs, Indian edtech startups have raised a total funding of $2 Bn across 353 deals between 2014-H1 2020 and over 43 edtech startups have got acquired. From $247 Mn in 2017, the opportunity in India’s online education market is estimated to soar to $2 Bn in 2021, according to DataLabs by Inc42+’s Edtech Opportunity Report.
The post BYJU’S Acquires LabinApp For An Undisclosed Amount appeared first on Inc42 Media.
Author: Shubham Singh
Source : https://inc42.com/buzz/byjus-acquires-labinapp-for-an-undisclosed-amount/
Date : 2020-09-17T13:20:38.000Z