wordpress blog stats
Connect with us

Hi, what are you looking for?

Byju’s acquires Pearson’s Tutorvista and Edurite to expand internationally

OLYMPUS DIGITAL CAMERA

Education technology startup Byju’s Learning has acquired global education company Pearson Plc’s online tutoring provider Tutorvista and e-learning content company Edurite for an undisclosed amount, reports Livemint. Founder Byju Raveendran told the publication that the acquisition will allow them to expand product offerings and provide access to new markets when they launch international products. It’s worth noting that about 70% of the traffic on Tutorvista’s website originates from the US. Following the acquisition, the teams at Tutorvista and Edurite are expected to be absorbed into Byju’s.

This is Byju’s second acquisition of 2017: it had acquired Bangalore-based Vidyartha, a data-driven platform which offers customized learning to students, in January this year.

Just over three months back, Byju’s had raised an undisclosed amount of funding from Belgium-based investment firm Verlinvest, and had said that the fresh funds will help them expand operations into foreign markets and acquire new firms. At the time, the company had claimed it had around 4 million paid annual subscribers, and that it had an average engagement rate of 40 minutes per day per user, with over 90% of users renewing their subscriptions.

In February 2013, Pearson had acquired the remaining 20% stake in Tutorvista for an undisclosed amount. Prior to this, Pearson had invested around $139.5 million in Tutorvista: including $127 million in January 2011, through which the company had secured a controlling stake of 76%, and $12.5 million in June 2009. In 2011, the company further increased its stake in Tutorvista to 80% from 76%, although the details of this transaction were not disclosed. Tutorvista had acquired Edurite, which was co-founded by Srikanth Iyer, former CEO of Pearson India, in 2007.

Bertelsmann investing in online education in India

Advertisement. Scroll to continue reading.

Earlier this year, Bertelsmann Investments India, which has invested in companies like Pepperfry, Lendingkart, and Saavn among others, acquired a stake in an Indian edu-tech startup, Eruditus Executive Education (EEE) for a reported Rs 53 crore ($8.2 million). This was Bertelsmann’s third investment in the education sector in India: it had invested in WizIQ, which offers SaaS-based education technology solutions to deliver live instructor-led and self-paced learning for online academies; and iNurture, which tries to improve employability in India by improving the industry relevance of tertiary level higher education.

Written By

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

Views

News

When news that Walmart would soon accept cryptocurrency turned out to be fake, it also became a teachable moment.

News

The DSCI's guidelines are patient-centric and act as a data privacy roadmap for healthcare service providers.

News

In this excerpt from the book, the authors focus on personal data and autocracies. One in particular – Russia.  Autocracies always prioritize information control...

News

By Jai Vipra, Senior Resident Fellow at Vidhi Centre for Legal Policy The use of new technology, including facial recognition technology (FRT) by police...

News

By Stella Joseph, Prakhil Mishra, and Yash Desai The Government of India circulated proposed amendments to the Consumer Protection (E-Commerce) Rules, 2020 (“E-Commerce Rules”) which...

You May Also Like

News

Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...

News

By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...

Advert

135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...

News

Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ