Mumbai: India's most valuable startup BYJU's is continuing its acquisition spree by purchasing after-school learning app Toppr and upskilling platform Great Learning in a cash and stock deal, making it the sixth acquisition in 2021 across India and the US with investments exceeding $2.2 billion.
Just last week, it acquired the US-based Epic for $500 million to expand its international operations.
Great Learning transaction valued at $600 million comprising cash, stock, and earnout, said a company statement adding that the company has earmarked a further $400 million investment into this segment towards accelerating Great Learning's growth.
The acquisition marks BYJU'S strong push into the professional upskilling and life-long learning space globally with a total commitment of $1 billion, expanding its offerings beyond the K12 and test prep segments and further accelerating its growth plans.
Commenting on the deal, Byju Raveendran, Founder, and CEO, BYJU'S said, "Empowering learners with the right futuristic skills forms a fundamental part of our vision. Great Learning is a globally recognized and reputed professional education company and this partnership expands our reach into this new segment. We are united in our mission to provide professionals with high-quality and industry-relevant learning programs in this competitive global economy. With our combined strength, we aim to become a global market leader in this segment."
Mohan Lakhamraju, Founder and CEO of Great Learning, said "At Great Learning, we have been working towards our mission of making high-quality, transformational education accessible to learners everywhere. Together with BYJU'S, we will be able to accelerate our progress towards this goal and meet the growing need for upskilling both in India and around the world. Further, as higher education moves online, we will leverage our joint strengths in technology, content, pedagogy, and instructors to create unparalleled learning opportunities at affordable prices for everyone".
According to Lakhamraju, 120 Great Learning employees will be making $100 million in a combination of cash, stock, and earnout through its $600 million acquisition by BYJU'S.
In April, BYJU's acquired brick-and-mortar coaching network Aakash Educational Services Limited (AESL) for close to $1 billion.
The ed-tech firm recently raised $1.5 billion in funding from UBS Group, Abu Dhabi sovereign fund ADQ, and Blackstone Group LP, among others, at a valuation of $16.5 billion, making it the highest valued Indian startup surpassing the IPO bound Paytm's $16 billion valuation.
The company also acquired smaller rival Toppr in a $150 million deal, said sources in the know of the development.
Backed by General Atlantic, Sequoia Capital, the Chan-Zuckerberg Initiative, Naspers, Silver Lake, Tiger Global, and other investors, BYJU's, has become a global leader in personalized online learning with 100 million students on its platform.