Byjus has announced the purchase of the platform, Great Learning for Rs 600 million on July 26. Byjus aims to widen its education offerings internationally. For this, it will invest Rs 400 million more in this platform.
Byjus is an Indian multinational ed-tech company. Its Great Learning is the second biggest purchase of Bengaluru’s tech Byjus. In April, it declared the acquisition of the Aakash Institute for Rs 1 million. Later, in the pandemic of last year, Bjyu’s added the WhiteHatJr with a Rs 300 million deal. Great Learning was founded by Mohan Lakhamraju, Hari Krishnan Nair, and Arjun Nair. The company awaits to generate Rs 100 million in the year 2021. It will continue to work as a separate firm inside the Byju Group.
The Byju’s transaction consists of cash, stock, and an earnout. Since it has been started recently, Great Learning hash has hadst 25% ownership by the employees and the team. Hence, the team gets an important and beneficial result out of this.
Byju’s had recently raised Rs 1.5 billion from the Blackstone Group LP, UBS Group, Abu Dhabi sovereign fund ADQ, among others, at Rs 16.5 billion. Additionally, this made it the highest valued Indian startup. In the process, it gained Paytm’s Rs 16 billion price. Co-founder and chief executive Byju Raveendran said that the company has cash of Rs 1 billion after funding these acquisitions. Consequently, the income will be used as an investment to balance these new platforms. Currently, the company has a value of Rs 16.5 billion.
Edtech unicorn and India’s most valuable startup Byju’s is continuing its acquisition spree by buying after-school learning app Toppr and upskilling platform Great Learning in a cash and stock deal…
— Mint (@livemint) July 26, 2021
Byju’s has kept aside an amount of Rs 400 million. It will be invested in the professional skilling and life-long learning section. Byju’s is also in talks to acquire test prep startup Gradeup. However, Raveendran refused to comment on this matter to the press.