July 27, 2021 3:00:30 am
Byju’s on Monday said it has acquired edtech startup Great Learning for $600 million in a cash, stock and earnout deal. The move will help the firm, which is valued at $16.5 billion, gain a foothold in the professional upskilling and higher education space.
The acquisition comes days after Byju’s acquired US-based kids digital reading platform Epic in a $500 million deal. Earlier this year, the Bengaluru-based firm sealed its biggest M&A (merger and acquisition) deal when it acquired brick-and-mortar test prep service provider Aakash Educational Services in a $1 billion deal.
Byju’s said that it will spend another $400 million to “accelerate” Great Learning’s growth, thereby taking its total investment commitment to the higher education space to about $1 billion.
“This partnership brings together Byju’s technology and content expertise with Great Learning’s sought-after professional courses at a significant time when the COVID-19 pandemic and evolving industry dynamics have encouraged professionals in India and globally to upskill themselves,” Byju’s said in a statement. “With our combined strength, we aim to become a global market leader in this segment,” said founder & CEO Byju Raveendran.
Great Learning will continue to operate as an independent unit within the Byju’s group under its founder & CEO, Mohan Lakhamraju and co-founders, Hari Nair and Arjun Nair. Byju’s is backed by a slew of marquee investors including General Atlantic, the Chan-Zuckerberg Initiative, Naspers, Silver Lake and Tiger Global.
In 2020, Byju’s secured over $1 billion from investors. Earlier this year, it raised close to $1.5 billion from a clutch of investors including Facebook co-founder Eduardo Saverin’s B Capital Group, UBS Group and Blackstone in tranches. fe
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