Expanding its footprint in the US, Bengaluru-based edtech decacorn BYJU'S has acquired Epic, a digital reading platform for under-12 children, for $500 million. This acquisition will give BYJU'S access to more than two million teachers and 50 million users who are a part of Epic’s global user base.
Anitha Kishore, Chief Strategy Officer at BYJU’S, told YourStory, "There are products that focus on learning by watching or learning by playing for different age groups, and Epic is focused on learning by reading. This, we believe, is a lifelong skill."
The acquisition mirrors the phenomenal rise the sector has seen since the start of the pandemic. According to YourStory Research, between March 2020 and February 2021, the edtech sector in India witnessed more than 70 deals — becoming the highest-funded sector in 2020, fetching a record $2.2 billion in venture capital.
BYJU'S acquisition of Epic follows other notable M&As that took place recently, hinting at sectoral consolidation.
These include Unacademy buying out PrepLadder for $50 million, and acquiring a majority stake in Mastree for $5 million; Unacademy acquiring a majority stake in TapChief for an undisclosed amount, and scooping up NeoStencil; Vedantu buying out Instasolv; Unacademy pocketing Coursavy for an undisclosed sum; BYJU’S acquiring LabInApp; upGrad acquiring The Gate Academy and Rekrut India, among other deals.
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The Interview
Recently, Blackstone invested $250 million to acquire a majority stake in Bengaluru-based online digital skilling platform Simplilearn.
In an exclusive interaction with YourStory, Simplilearn CEO Krishna Kumar talks about the startup's mission in education, why the platform kept 60 percent of its business free, and how Blackstone will help it in building for the next stage.
Editor’s Pick: Decoding investment in P2P lending
After RBI brought the P2P lending segment under the regulatory purview, it set the tone for P2P lending players to strengthen their business models and scale up, leading many P2P lending startups to raise funding in 2018-19.
However, the investments have since vanished. YourStory spoke to players like LenDenClub, Faircent, Finzy, Lendbox, among others, and industry experts to understand the situation. Read more.
Startup Spotlight
Bringing tech and transparency to housing
In India, much of the construction sector is riddled with project delays, cash flow problems, changing client demands, debt burdens, and lack of transparency.
Jayesh Rajpurohit, a civil engineer from IIT Roorkee, observed that the industry suffered from a “severe tech deficit”. Along with Arpit Rajpurohit, he founded Brick&Bolt in 2018 as a tech-enabled construction marketplace to bring trust, predictability, and transparency in housing projects. Read more.
News & Updates
- PolicyBazaar is aiming to raise around Rs 6,500 crore in its IPO, a few media reports said, citing RoC filings by the startup's parent company, PB Fintech. The IPO could come by November-December and will value PolicyBazaar at $4 billion to $5 billion.
- BRICS members have agreed to hold a trade fair show (August 16-18), a roundtable meeting of MSMEs (July 22), and two workshops (July 16 and August 13) on services trade statistics to further strengthen economic ties.
- U GRO Capital said it has launched a Rs 1,000 crore co-lending programme, Pratham, with the Bank of Baroda, which will allow MSMEs to avail customised lending solutions at a competitive rate of interest, with a significant reduction in turnaround time.
- The percentage of women graduates in STEM at tertiary level in India is higher compared to developed nations like the US, UK, Germany, and France, the Lok Sabha was informed recently.
Before you go, stay inspired with…
Byju Raveendran, Founder and CEO, BYJU'S
“Our mission is to fuel curiosity and make students fall in love with learning. Knowing that Epic and its products are rooted in the same mission, it was a natural fit.”
— Byju Raveendran, Founder and CEO, BYJU’S
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Link : https://yourstory.com/2021/07/byjus-expands-us-footprint-acquires-epic-indian-p2p-lending-startups
Author :- Team YS ( )
July 22, 2021 at 06:00AM
YourStory