Byju’s, the edtech unicorn is on the shopping mood to acquire all the competitions like , the recent one Toppr. The transaction could be around $150 million about Rs 1,090 crore). It’s aggressive expansion at a time online learning has been gaining currency due to the pandemic.
An expert says, after the pandemic gets over in few months, which no one can sure about this. However, a result says, most of them got frustrated with the on-line education and classes.
Mumbai-based Toppr services the K-12 and test preparation market. It claims to have 35 million monthly active users.The transaction is expected to take place on a cash-and-equity basis, with cash forming a significant component.
Toppr, set up in 2013 and led by Zishaan Hayath, raised Rs 350 crore (about $48 million) in July 2020 in a Series D fundraise led by UAE-based Foundation Holdings.
The successful completion of this deal will mark another big-ticket acquisition for Byju’s, which has snapped up several firms in the past year as it seeks to consolidate its position in the domestic edtech market.
In January, the firm reportedly signed a deal to acquire test-preparation leader Aakash Educational Services Ltd for $1 billion (about Rs 7,271 crore). Last year, it struck a $300 million (about Rs 2,181 crore) acquisition deal with the coding-focused WhiteHat Jr., delivering stellar returns to the edtech firm’s investors.
The agreement was reached sometime last week, with the two sides having signed into it as well, the report said, citing people familiar with the process.
