Who are the parties to the deal?
- Epic: California-based Epic’s digital reading platform caters to kids aged 12 and younger. The company’s presence spans 90% of elementary schools in the US and has over 40,000 digital books from 250 publishers on its platform. The company user base includes 2M teachers and 50M kids.
- Byju’s: Bangalore-based Byju’s is a K-12 learning platform that provides online courses to students from primary through high school. The company’s platform caters to 100M students and has an annual renewal rate of 86%. In FY’21, Byju’s reported a revenue of INR 5,600 crore ($800M) and expects to generate $1B revenue in 12 to 15 months. This deal follows Byju’s acquisition spree in the last year, which includes Aakash for nearly $1B and WhiteHat Jr for $300M, among others, as it looks to consolidate its position in the edtech sector.
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The post Byju’s Acquired This Kids Reading App For $500M To Expand Its Edtech Platform appeared first on CB Insights Research.