This acquisition complements BYJU’S overall product strategy and furthers its aim to make math more engaging, BYJU’S said in a statement.
BYJU’S, the most valuable edtech startup in India with 115 million students on its learning platform, has announced the acquisition of Austria-headquartered math learning platform GeoGebra. This is the edtech unicorn’s tenth acquisition this year.
This acquisition complements BYJU’S overall product strategy and furthers its aim to make math more engaging, BYJU’S said in a statement. The financial details are still undisclosed by the company.
GeoGebra will continue to operate as an independent unit within the BYJU’S group under the leadership of its Founder and Developer, Markus Hohenwarter.
Speaking on the acquisition, Anita Kishore, Chief Strategy Officer, BYJU’S, said,
“Together with our combined strengths, we will have a wider reach and the best resources to build innovative and exciting next-generation learning formats.”
GeoGebra, with a rapidly expanding community of over 100 million learners across 195+ countries, brings together geometry, algebra, spreadsheets, graphing, statistics and calculus in one easy-to-use format. The curriculum is available in multiple languages for students around the world.
“GeoGebra was born out of a passion to help students learn math in a visually appealing and engaging manner. Our shared passion for learning and teaching resonates with BYJU’S, making them a perfect partner for our onward journey,” said Markus Hohenwarter, Founder and Developer of GeoGebra.
Launched in 2015, BYJU’S is offering personalised learning programmes for school students in India. With over 115 million students cumulatively learning from the app, seven million annual paid subscriptions, and an annual renewal rate of 86 percent, the app creates personalised learning programmes for individual students based on their proficiency levels and capabilities, which help them learn at their own pace and style.
BYJU’S, which became a unicorn in 2018 and is now IPO-bound, has spent close to $2.5 billion in acquiring different edtech businesses. In 2021, it acquired the test-prep service providers in India – Aakash Educational Services Limited (ASEL), Epic, and Great Learning.
The firm is also planning to raise $1.2 billion through a term loan from overseas investors, given the favourable interest rates prevailing in the markets. The company was last valued at around $18 billion during a funding round in October 2021.
BYJU’S has been backed by investors like Chan-Zuckerberg Initiative, Naspers, CPPIB, General Atlantic, Tencent, Sequoia Capital, Sofina, Verlinvest, IFC, Aarin Capital, TimesInternet, Lightspeed ventures, Tiger Global, Owl Ventures, and Qatar Investment Authority.
Source: Business World