Byju's acquires Epic for $ 500 million, the company will invest one billion dollars in the North American market

Byju's acquires Epic for $ 500 million, the company will invest one billion dollars in the North American market

New Delhi, PTI. Edtech company Byju's has announced the acquisition of US-based digital reading platform Epic for $500 million (Rs 3,729.8 crore). After buying Aakash Educational Services for one billion dollars, the company has announced this new acquisition. Byju's, which is one of the highest rated startup companies in the country, will invest another one billion dollars (about Rs 7,459.7 crore) in the North American market. Byju's said in a statement on Wednesday that the company has acquired Epic, a digital reading platform for children aged 12 and under, for $500 million.

This acquisition will help Byju's expand its presence in the US.

Remain top officer in your posts

Epic CEO Suren Markosian and co-founder Kevin Donahue will continue in their positions. This has been said in a statement issued by Byju's. Epic has a collection of 40,000 books, audiobooks and videos from over 250 of the world's best publishers. It has given free access to the educators. At the same time, more than 20 lakh teachers have signed up to use the classroom.

The Edtech sector has seen very strong growth in the world including India. The growth of this sector has been further accelerated by the COVID-19 pandemic. Many offline classes are now running online due to the rules related to social distancing.

Many companies have raised funds

Many large companies have raised fresh funding from investors. Meanwhile, Unacademy acquired PrepLadder and Byju's acquired Aakash.

According to an estimate, Byju's has raised a total of over $1.5 billion in multiple tranches since April last year.

Byju's was started in 2015. More than 100 million students are using the company's services globally. The company is acquiring companies to increase its presence in various categories.


India's appeal against Vodafone arbitration decision to be heard in Singapore High Court in September

India's appeal against Vodafone arbitration decision to be heard in Singapore High Court in September

New Delhi. The Indian government's appeal challenging the decision of the International Arbitration Tribunal in the Vodafone case has been transferred to the High Court of Singapore (Senior Court). Giving this information, the sources said that the hearing on the appeal of the Government of India will be held in September. The International Arbitration Tribunal rejected the Government of India's retrospective tax demand of Rs 22,100 crore on Vodafone Group, against which the Government of India has appealed.

The International Arbitration Tribunal had on September 25 last year rejected the tax department's demand of Rs 22,100 crore tax and fine on the UK-based telecom company. The department had sought this tax in the case of the acquisition of an Indian operator by a British company in 2007. The government had appealed against the decision in December last year on the grounds of jurisdiction. Two sources with knowledge of the matter said that the Indian government's appeal has now been transferred to the high court and will be heard in September. The appeal was filed in a Singapore court because the Southeast Asian country is a bench of tribunal. The government has similarly challenged the decision of the three-member tribunal of the Permanent Court of Arbitration in The Hague.

In this decision, the Indian government has been asked to refund $1.2 billion along with interest and cost to UK's Cairn Energy Plc. Using a 2012 law, the government had asked Vodafone and Cairn to pay tax on alleged capital gains made several years ago. This law allows the tax department to open old cases. Both Vodafone and Cairn had filed an arbitration case under the Bilateral Investment Protection Treaty. India lost both the arbitration cases.