[ad_1]
Byju’s, an Indian online tutoring startup, has acquired US-based maker of educational games Osmo for $120 million (roughly Rs. 856 crores). The deal, which was announced late-Wednesday, is Byju’s first ever purchase of a US company. According to Osmo, the company will continue operate as a standalone brand and Byju’s will incorporate its physical-to-digital technology and content in own products. The Bengaluru-based ed-tech startup is hoping to use Osmo’s technology to target the age-group 3 to 8 by introducing play-based learning products.
“With this acquisition, we are expanding into a new age demographic and entering the world of younger kids (age group 3-8). Our partnership with Osmo will help kids acquire love for learning at an early age by introducing ‘play-based learning’,” said Byju Raveendran, Founder and CEO, Byju’s.
Byju’s says that the Osmo acquisition will bolster its international expansion plans and it will continue to make investments in technology that can help it to further personalise learning products. For the same, Byju’s had earlier purchased TutorVista, an India-based online tutoring system, which targets US students.
Osmo was established in 2013 by ex-Googlers Promod Sharma and Jerome Scholler. The company mainly offers learning apps that integrate offline activities for children aged 5 to 12.
“The company’s physical-to-digital experiences, approach to thoughtful design and the elegant, age-appropriate use of technology has led to a faithful following among teachers and parents,” Osmo said in a statement.
The company claims that its apps are being used in tens of thousands of elementary schools across the United States. Osmo had raised a total of $32.5 million (roughly Rs. 230 crores) in three funding rounds.
The Osmo deal announcement comes just a month after the Byju’s had revealed that it has raised $540 million (roughly Rs. 3,865 crores) from Naspers Ventures and Canada Pension Plan Investment Board (CPPIB) at a valuation of $3.6 billion (roughly Rs. 25,687 crores). Other investors in the company include Tencent, Chan-Zuckerberg Initiative, Sequoia Capital, Sofina, Verlinvest, Aarin Capital, Times Internet, Lightspeed Venture Partners, and the International Finance Corporation (IFC). Byju’s has raised a total of $784 million (roughly Rs.5,595 crores) so far in a total of eight funding rounds, as per data from Crunchbase.
Founded in 2011 by Byju Raveendran, Byju’s has steadily grown over the years. The company currently boasts of 30 million registered students and 2 million annual paid subscribers. It claims that the students spend an average of 64 minutes daily on its service. The company is aiming to triple its revenue to $250 million (roughly Rs. 1,784 crores) this year.
[ad_2]