The Silicon Review
17 January, 2019
In a move to expand internationally, Bangalore-based education technology firm Byju’sacquires US-based learning platform Osmo for $120 million. It was announced on Wednesday.
“With this acquisition, we are expanding into a new age demographic and entering the world of younger kids (age group 3-8),” Byju’s said in a statement. “Our partnership with Osmo will help kids acquire a love for learning at an early age by introducing ‘play-based learning’.”
Osmo, based in Silicon Valley, produces children-oriented augmented reality games for iPads and iPhones. The platform was founded by India-origin Pramod Sharma in 2011.
Osmo’s team will continue to operate independently, the report said.
“We started Osmo for parents looking for a way to combine physical, hands-on play with the power of digital platforms to foster a love of learning,”Mr. Sharma said in the statement.
The Bangalore-based firm had earlier acquired Edurite, Math Adventures, TutorVista, and Vidyartha. According to the report, South Africa’s Naspers Ventures led a $540-million round of Byju’s with others like private equity firm General Atlantic and Canada Pension Plan Investment Board.
Byju’s caters to students from classes four to 12. It has around 30 million registered students and two million annual paid subscribers, the report said. The firm reported revenues of Rs 490 for the FY 2017-18; a 97 percent jump over the previous year.
Byju’s is owned by Think & Learn Private Limited.
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