NEW DELHI: Expanding its global reach, India’s largest edtech firm Byju’s has acquired US-based digital reading platform Epic for $500 million. The acquisition will help Byju’s expand its US footprint by providing access to more than two million teachers and 50 million kids (as claimed) in Epic’s existing global user base.
Byju’s has aggressive plans for international and US market expansion, and the acquisition with Epic will not only lead to significant investments in technology that will help to further personalised learning for students but also enable Byju’s to become a natural part of America’s learning culture, the firm said in a statement.
Byju’s which claims to have over 100 million students on its platform worldwide said it will invest $1 billion in North America in the next few years. This is the second high profile acquisition for Byju’s in the United States. In 2019, it had acquired the maker of educational games Osmo for $120 million.
Having witnessed a phenomenal run since the outbreak of the Covid-19 pandemic as e-learning became the new norm, Byju’s is on a buying spree. Earlier this year, it had acquired brick-and-mortar coaching network Aakash Institute for nearly $1 billion while last year it had taken control of WhiteHat Jr for $300 million and LabinApp for an undisclosed amount.
Backed by almost all the leading investors, it had raised as much $2.5 billion in recent times. The company was last valued at $16.5 billion, making it the 11th most valuable start-up in the world.
Coming to Epic’s acquisition, Suren Markosian, Epic CEO and co-founder Kevin Donahue, will remain in their roles. Byju Raveendran, Founder and CEO, Byju’s said, “Our partnership with Epic will enable us to create engaging and interactive reading and learning experiences for children globally.”