Byju’s acquires US-based children learning platform Epic for $500m
New Delhi, July 21
Just months after its about $1-billion buyout of Aakash Educational Services, edtech major Byju’s has now acquired US-based digital reading platform Epic for $500 million (around Rs 3,729.8 crore).
Byju’s, which ranks among the highest valued startups in the country, will also invest an additional $1 billion (about Rs 7,459.7 crore) in the North American market.
Byju’s, in a statement on Wednesday, said it has acquired Epic, a digital reading platform for kids aged 12 years and under, in a $500-million deal.
The acquisition will help Byju’s expand its footprint in the US by providing access to the over two million teachers and 50 million kids in Epic’s existing global user base, which has more than doubled over the last year, it added.
Epic CEO Suren Markosian and co-founder Kevin Donahue will remain in their roles, the statement noted.
Epic has a collection of over 40,000 books, audio books and videos from more than 250 of the world’s best publishers. It has made access free to educators, and over two million teachers have signed up for classroom use.
The edtech space has seen strong growth globally, including in India, with the Covid pandemic serving as an inflection point. Many offline classes went online to ensure continuity of education while adhering to social distancing norms. — PTI
