Byjus’s, an India-based online tutoring platform, announced the acquisition of a US-based learning platform Osmo on Thursday, 17 January 2019.
The deal’s value is $120 million or INR 850 crore.
Byju’s was founded in the year 2011, and they launched their personalized learning app called Byju’s Learning App in 2015.
The app has video-based lesson plans with assessments for students of Grades 4 to 12. It even offers learning plans for competitive exams like Joint Entrance Examination (JEE), National Eligibility cum Entrance Test (NEET) and Common Admission Test (CAT), in India.
The company claims that their app currently has over 30 million users and two million paid annual subscribers.
Buyju’s raised %540 million or INR 3,865.5 crore in December 2018 from Naspers and Canada Pension Plan Investment Board. (CPPIB)
Osmo, on the other hand, is focussed on creating a fun and healthy screen-time experience for young children. It offers iPhone and iPad-based games.
Their games are interactive and cover learning subjects like Coding, Logical thinking, Arts, Math, and Vocabulary.
As per Osmo’s website, over 30,000 schools use their solutions to help kids collaborate, communicate, create and think critically.
Their learning games are targetted at learners from Grades K-6.
Following the acquisition, Byju’s will use the physical-to-digital technology and content of Osmo to offer enhanced, customized, engaging and fun learning solution for younger kids. Osmo will keep on operating as a standalone brand.
As per the company’s statement on the acquisition, Byju’s will leverage this acquisition to boost their international plans to ‘innovate, explore and set benchmarks for tech-enabled personalized learning solutions.’
Osmo will retain its core team including their Chief Executive Pramod Sharma.
“Our vision is to make learning fun and engaging across age groups and geographies… With this acquisition, we are expanding into a new age demographic of younger kids (age group three-eight).”
– Byju’s Chief Executive, Byju Raveendran
They aim to triple the company’s revenue to INR 1,400 crore $197.7 million in 2019.
The company said, “Byju’s has aggressive plans for international market expansion and will continue to make big investments in technology that will help personalise learning for students.”