Neither company disclosed financial terms, but a person with knowledge of the matter said that Byju was paying $150-$200 million (Rs 1,100-1,470 crore) to Tynker. Byju’s said in a statement on Thursday that the acquisition will enable Tynker to introduce its creative coding platform to more children, teachers, schools and coding camps around the world.
Bengaluru Headquartered Startup
has spent over $2 billion For acquisitions in India and overseas in the past few months, as reported by ET.
“We have been looking at their product for a long time. They have created a strong community of students – who love to code,” founder and chief executive Byju Raveendran told ET. What we’re getting here is a robust asynchronous platform that complements the synchronous expertise we have through WhiteHat Junior—the combination of which creates more options for students.
Tynaker co-founders Krishna Vedati, Srinivas Mandyam and Kelvin Chong are expected to continue in the roles of chief executive, chief technology officer and chief architect respectively.
According to the statement, the acquisition will give Byju’s access to Tynker’s current global user base of more than 60 million students and over 100,000 schools.
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In the past year and a half, Byju’s has also acquired two other edtech companies in the US-
digital reading platform epic And
Educational Gaming Company Osmo. All three deals fall back on Byju’s goal of investing $1 billion in the US edtech market over the next three years, the statement said. “The three acquisitions are distinct and complement each other. We are not doing these integrations to neutralize the competition. These are skills we don’t have, and marketing expertise we don’t have,” said Raveendran.
“With the $1 billion, we will also invest in growing these platforms – building brand awareness for Byju’s in the US – over the next 12 to 18 months,” he added.
Byju’s has acquired about 15 companies since its inception in 2011. Earlier this month, the company
announced the acquisition of Gradeup, an online exam preparation platform.
in April,
Byju’s launches ‘Future School’, an offering through which it is expanding its presence in the US, UK, Brazil, Indonesia and Mexico.
startup,
$16.5 billion worth It is currently in talks with investors to raise $1.5 billion at a valuation of around $21 billion, following its last funding round in April, according to people in the know. Raveendran declined to comment on his latest fundraising talks.
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Byju’s IPO plans intensified, plans to raise $400-600 million first
Some of its backers include Lightspeed Venture Partners, Qatar Investment Authority, Ullu Ventures, General Atlantic and Tiger Global.