Neither of the companies disclosed the financial terms, but a person briefed on the matter said Byju’s was paying $150-$200 million (Rs 1,100-1,470 crore) for Tynker. The acquisition will enable Tynker to introduce its creative coding platform to more kids, educators, schools and coding camps globally, Byju’s said in a statement on Thursday.
The Bengaluru-headquartered startup
has spent more than $2 billion in the last few months for acquisitions in India and abroad, as reported by ET.
“We have been looking at their product for a long time. They have built a strong community of students—those who love to code,” founder and chief executive Byju Raveendran told ET. What we are getting here is a strong asynchronous platform complementing synchronous expertise which we have through WhiteHat Jr—a combination of this creates more options for students.”
Tynker cofounders Krishna Vedati, Srinivas Mandyam and Kelvin Chong are expected to remain in their roles of chief executive, chief technology officer and chief architect, respectively.
The acquisition will give Byju’s access to more than 60 million students and over 100,000 schools in Tynker’s existing global user base, according to the statement.
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Over the last year and a half, Byju’s has acquired two other edtech companies as well in the US—
digital reading platform Epic and
educational gaming company Osmo. All three deals map back to Byju’s goal of investing $1 billion in the US edtech market over the next three years, the statement added. “All the three acquisitions are different and complementary to each other. We are not making these integrations to neutralise competition. These are skill-sets we don’t have, and marketing expertise we don’t have,” Raveendran said.
“With the $1 billion, we will also be investing in scaling these platforms—building brand awareness for Byju’s in the US in the next 12 to 18 months,” he said.
Byju’s has acquired around 15 companies since it was founded in 2011. Earlier this month, the company
announced the acquisition of Gradeup, an online exam preparation platform.
Byju’s launched ‘Future School’, an offering through which it is expanding its presence in the US, UK, Brazil, Indonesia and Mexico.
valued at $16.5 billion after its last funding round in April, is currently in talks with investors to raise $1.5 billion at a valuation of around $21 billion, according to people in the know. Raveendran declined to comment on its latest fundraising talks.
Some of its backers include Lightspeed Venture Partners, Qatar Investment Authority, Owl Ventures, General Atlantic and Tiger Global.