Edtech startup Byju's said Wednesday it 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 the more than two million teachers and 50 million kids in Epic’s existing global user base, which has more than doubled over the last year. 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. 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. Together we have the opportunity to create impactful experiences for children to become life-long learners."
Byju's 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.
“We created Epic to make quality books more accessible to kids everywhere, and to build a safe place for them to discover the joy and magic of reading in their own way. The alignment of our missions and shared passion makes BYJU’S the perfect partner, as we’re confident this acquisition will ignite excitement for learning around the world,” said Suren Markosian, CEO and co-founder of Epic. “Together, we can help empower future generations of kids by fostering a lifetime love for reading and learning,” he added.
Byju's says it has over 100 million students on its platform worldwide, and will invest $1 billion in North America.
The company was valued at $16.5 billion in June, surpassing fintech company Paytm's $16 billion valuation. As per CB Insights data, as of June 2021, Byju's was the 11th most valuable startup in the world.
Anita Kishore, Chief Strategy Officer of Byju's said, “Epic’s model for inspiring the next generation through interactive reading is in lockstep with our mission to help millions of children become life-long learners. We welcome Epic’s talented leadership team and employees to the Byju's family as we endeavor to help students fall in love with learning across the world.”
Last month, Byju's also announced it will bring its Learning App featuring Disney characters to the US. The Disney-licensed product has been tested in India for a couple of years, it said at the time.
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
RECOMMENDED FOR YOU