Byju’s latest acquisition : Veteran edtech company Byju’s has bought children’s digital reading platform Epic for about Rs 3,729 crore. The company has said that it will expand to make education interesting for children in North America and will invest an additional Rs 7500 crore in it.
The company will add 20 lakh teachers and more than 5 crore children
According to the company, this acquisition will go a long way in helping the company strengthen its position in the US. The company will be able to add over 20 lakh teachers and over 50 million children to Epic’s existing user base. Epic’s CEO Suren Marcosian and co-founder Kevin Donahue will continue to work as usual. Byju Raveendran, Founder and CEO, Byju’s said that the partnership with Epic will take the company forward globally. This will help in increasing the interest of reading and learning in children.
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Byju’s second great deal
This is Byju’s second biggest deal. Earlier this year, it had bought Aakash Institute for $1 billion. Earlier in 2019, it had bought American educational toy company Osmo for $ 120 million. Byju’s is continuously raising funds to fund these deals. In the last one year, the company has raised $ 2.5 billion from big investors like UBS Group, Blackstone, Abu Dhabi Fund.
Byju’s adopted the ‘Freemium’ business model which is a combination of free and premium learning modules. It has emerged as the most prominent business model among Internet businesses and smartphone ad developers, with users initially accessing content at no cost and then free of charge. Customer charges are also among Byju’s sources of earnings. The company also earns from the purchase of products on its website and offline career counseling and coaching.