Edtech company Byju’s said on Tuesday that it acquired online exam preparation platform Gradeup.
“Gradeup will be rebranded as Byju’s Exam Prep and will cater to students preparing for over 150 examinations over 25 categories covering government jobs and postgraduate entrance exams such as IAS, GATE, CAT, defence, UGC-NET, etc.,” it said in a press statement.
GradeStack, which was founded in August 2012, counts Times Internet Ltd (TIL), a subsidiary of media house Bennett Coleman and Co. Ltd among its investor.
“By combining live classes, assessments, and quality study material, we have built a highly specialised offering for students preparing for competitive exams,” said Shobhit Bhatnagar, CEO at Gradeup.
Byju’s has been on a buying spree and has shelled out over $2.2bn in acquisitions, this year alone. It acquired higher education platform Great Learning for $600 million, kids’ digital reading platform Epic for $500 million, and test preparation provider Aakash Educational Services for $1 billion in quick succession.
Think and Learn Pvt. Ltd, the parent brand of BYJU’s recently reported ₹2,380 crore income in FY’20, as compared to ₹1,305 crore in the previous fiscal year (FY’19).
However, the company’s growth came on the back of a major rise in consolidated losses. Think and Learn Pvt. Ltd reported a consolidated loss worth ₹262 crore in FY’20, a 30-fold increase from ₹8.82 crore in FY19.
Categories: Corporate M&A