Byju’s has acquired Mumbai-based edtech startup WhiteHat Jr. for $300 million. WhiteHat Jr. offers online coding classes to students in India and the US, and was founded just 18 months ago, in November 2018. This makes it the fastest exit story at this size in the Indian startup ecosystem, according to TechCrunch. In a statement, Byju’s said that this acquisition will also help it in its US expansion plans.
WhiteHat Jr. had raised $10 million from Nexus Venture Partners, Omidyar Networks and Owl Ventures, in September 2019. Byju’s said it will make “significant investments” in WhiteHat Jr.’s technology platform and expand the teacher base to cater to demand from new markets. WhiteHat Jr.’s founder, Karan Bajaj will continue to lead the business in India and the US. WhiteHat Jr. offers four levels of courses – Beginner, Intermediate, Advanced and Professional – for students in grades 1-9. The classes are held as a live 1:1 online classroom.
WhiteHat Jr. had recently announced plans to expand to other global markets like Canada, UK, Australia and New Zealand. After launching their courses in the US, in February 2020, the company was growing at more than 100% MoM (month over month) in the country, Byjus’s said in a statement.
“WhiteHat Jr is the leader in the live online coding space. Karan has proven his mettle as an exceptional founder and the credit goes to him and his team for creating coding programs that are loved by kids. Under his leadership the company has achieved phenomenal growth in India and the US in a short span of time.” said Byju Raveendran, founder and CEO of Byju’s.
Byju’s claimed it has 4.2 million annual paid subscriptions and an annual renewal rate of 85%. It also said that it doubled its revenue from Rs 1,430 crore to Rs 2,800 crore in FY19-20. Since the lockdown, Byju’s claims to have seen over 15 million new students joining its platform.