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.