Byjus to soon buy US-based reading platform Epic

According to the latest sources, the Indian origin’s online education pioneer Byju will be buying U.S.-based kids’ digital reading platform Epic. The deal is estimated to be around $500 million. During the pandemic, home-learning has increased and the market fueled by remote education has increased the value of online learning and teaching platforms. In its attempt at global expansion, Byju will now be purchasing the US-based Epic.

The US-based digital reading platform, Epic, boasts more than two million teachers and over 50 million kids in its user base. This user base will provide a tremendous boost to the growth of India-based Byjus. Not to mention the fact that Byju itself is backed by Naspers Ltd., Tiger Global Management, Chan Zuckerberg Initiative, and several others. The company was valued at about $16.5 billion in its April funding round this year.

Byjus already has two other businesses in the US. The company already offers live one-on-one online tutoring in math and coding via Byju’s Future School, and it also purchased the augmented reality games creator Osmo two years ago. Epic will be Byjus’s third main US asset. These three businesses are set to bring in about $100 million in revenue this year for the company.

“All three formats are strong. We are going deeper in the U.S., we are living in other English-speaking markets and have made a solid start in non-English-speaking markets starting with Mexico and Brazil.”

After the deal though, the CEO Suren Markosian and fellow founder Kevin Donahue will remain in their respective roles in Epic. The US-based company is of great value to the Byjus, as Epic ranks as the world’s largest digital reading platform for kids. It boasts of having 40,000 pieces of content that are licensed from more than 250 brands including Harper Collins and Sesame Street in the form of e-books, audio tracks, read-to-me, and video books.

source

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

More like this

Epic’s Mobile Game-Changer—FREE Titles & Dev Perks Inside!

Epic’s Mobile Game-Changer—FREE Titles & Dev Perks Inside!

Emerging into the mobile space with a bang, Epic Games has announced a major update for the...

Why Edtech Giants of India Have Failed Miserably?

Once heralded disruptors of traditional education, Indian edtech giants are experiencing hard times. Pandemic high-fliers such as...
BCCI-Byjus Sponsorship Deal

BCCI-Byjus Sponsorship Deal : BCCI to Receive Rs 158...

BCCI-Byjus Sponsorship Deal : BCCI to Receive Rs 158 Crore from Byju’s After Settling Non-Payment Dispute: In...

BYJU’S Announces IPO Plans for Aakash Education Services, Expanding...

On Monday, BYJU'S, a prominent ed-tech company, announced its intention to conduct an initial public offering (IPO)...

WhiteHat Jr. will be shut down by BYJU’s

According to sources speaking to Business Today, coding platform WhiteHat Jr., one of edtech startup BYJU acquisitions,...

LATEST NEWS

Barak FC Crowned Inaugural Nagaland Super League Champions After 3-1 Win Over Longterok FC

Barak FC : Barak FC has etched its name in the history books by becoming the first-ever champions of the Nagaland Super League (NSL),...

IPL Hat Tricks from 2008 to 2025: Complete List of All Bowlers Who Took Hat-Tricks in IPL History

IPL Hat Tricks from 2008 to 2025: The Indian Premier League (IPL) may be a paradise for big-hitting batsmen, but bowlers have had their...

Hardik Pandya Creates IPL History: Becomes First Captain to Take a Fifer in T20s

Hardik Pandya : In a format dominated by brutal batting and relentless sixes, it’s not every day that a bowler steals the spotlight. But...

Suryakumar Yadav Joins Elite Club: Completes 100 IPL Matches for Mumbai Indians

Suryakumar Yadav : Mumbai Indians (MI) star Suryakumar Yadav has added another remarkable feat to his glittering IPL resume — becoming just the eighth...

Featured