The ed-tech startup, BYJU has acquired TutorVista from the global rival Pearson for an undisclosed amount. The deal also includes Edurite Technologies Pvt. Ltd, a provider of technology solutions to the education sector that TutorVista acquired in 2007. With these acquisitions, BYJU looks to expand its offerings to school students in the US and UK.
Commenting on this acquisition, Byju Raveendran, Founder & CEO, BYJU’S said, “This partnership will enhance our product offerings and give us access in some of the new markets when we launch our international products. We are excited to work with the talented and experienced team that will come onboard as a part of this acquisition.”
TutorVista is one of the largest and best-known online tutoring brands catering to school and college students in the US and gets millions of visitors every month on its website from across the globe (70% from the USA). Founded in 2005 by Krishnan Ganesh and wife Meena Ganesh, TutorVista was acquired by Pearson in a multi-million deal across several years which was completed in 2013.
Commenting on the current deal, Deepak Mehrotra, Managing Director of Pearson India said, “Edurite and TutorVista are pioneer brands in their respective spaces and enjoy great customer goodwill. We are pleased that a leading online education company in India sees value in the Edurite and TutorVista businesses, brands and employees. We hope that the businesses and employees thrive under the new ownership and wish them all the very best.”
Bengaluru-based BYJU was founded by Byju Raveendran in 2011 as an offline tutorial and as an app in August 2015, which offers the educational program for children from Classes IV to XII, besides preparing graduates for competitive exams such as CAT, IAS, GRE and GMAT. At present, the company has reached in over 1700+ towns and cities. It claims to have about 8 million app downloads and more than 400,000 paid consumers.
In May 2017, Byju brings a major update to its learning app, with a focus to revolutionizing personalized learning experiences for students across grades.
Byju’s is one of the most capitalized ed-tech startup with $175 million in funding so far, from investors that include Sequoia Capital, Sofina, and IFC, a financial institution that’s part of the World Bank group. The latest investor, Brussels-based family office Verlinvest, came in March this year with $30 million. Byju’s has a team strength of 1300 people now, with 550 in the content production team.