India, Bangalore based Ed-Tech startup Byju’s acquired the online education company TutorVista from British media and publishing group Pearson. The new acquisition will help Byju’s in its planned international expansion and creating a diverse product portfolio.
TutorVista is among the largest online tutoring brands catering to school and college students with a majority of users from US. The deal also includes Edurite Technologies Pvt. Ltd, a provider of technology solutions to the education sector that TutorVista acquired in 2007. Byju’s today is the largest funded edtech startup in the country with $140 million in its kitty.
“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 who will come on-board as a part of this acquisition.
With a wider bandwidth, we have started creating similar products for the international markets that further boost our reach as well as product portfolio,” said Byju Raveendran, the CEO of Byju’s.
TutorVista – once was an edtech pioneer providing online tutoring services to students across the world as well as the test preparation services. TutorVista acquired EduRite – educational service provider in 2007. In 2009 Pearson acquired a 17% stake in TutorVista followed by another 59% in 2011 and later to a total 80% stake in the same year.
“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,” said Deepak Mehrotra, the managing director of Pearson India.
Byju’s flagship product – Byju’s – the learning app has 8 million users worldwide and 400,000 annual paid subscribers. Byju’s was founded nearly six years ago as an offline tuition centre for higher classes and a test preparation coaching unit for management and engineering entrances. It has seen rapid growth since it shifted its focus on online education for K-12 classes through its learning app.
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