Byju’s acquires US-based digital reading platform Epic for $500 million
India’s most valuable start-up Byju’s has acquired US-based digital reading platform Epic for $500 million, strengthening its position in the education technology (edtech) space.
The acquisition will help Byju’s expand its U.S. footprint by providing access to Epic’s existing global user base of more than two million teachers and 50 million children, more than doubling from last year.
“Epic’s model for inspiring the next generation through interactive reading aligns with our mission of helping millions of children learn throughout their lives. We welcome Epic’s talented leadership team and employees to the Byju’s family as we strive to help students love learning around the world,” said Anita Kishor, Chief Strategy Officer, Byju’s.
Byju’s was valued at $16.5 billion in June, surpassing fintech company Paytm’s valuation of $16 billion. As of June, Byju’s was the 11th most valuable start-up in the world, according to data from CB Insights. The platform has over 100 million students worldwide.
Made for kids up to 12 years old, Epic features a collection of over 40,000 popular, high-quality books, audio books, and videos from over 250 of the world’s best publishers available on subscription.
Epic CEO Suren Marcosian and co-founder Kevin Donahue will continue in their roles.
“We created Epic to make quality books more accessible to children everywhere, and discover the joy and magic of reading in our own way to create a safe space for them. The alignment of our missions and the shared passion make Byju’s a great place to be.” makes the ideal partner, as we are confident this acquisition will ignite enthusiasm for learning around the world,” said Marcosian.
Byju’s said Epic will help with its plans to expand its international and US markets. The company has set aside $1 billion for investment in North America.
Byju Raveendran, Founder and CEO, Byju’s, said, “Our partnership with Epic will enable us to create engaging and interactive reading and learning experiences for children globally. Together we have the power to create impactful life-long learning experiences for children. opportunity.”
Last month, Byju’s announced that it would be bringing its own learning app featuring Disney characters to the US. The Disney-licensed product has been tested in India for a few years, it said.
Earlier this year, Byju’s bought Aakash Educational Services Ltd for $1 billion, one of the largest acquisitions in the sector globally.