Edtech decacorn Byju’s announced on Tuesday that it has acquired online exam preparation platform GradeUp. Byju’s has not shed light on financial details of the deal. This marks the Bengaluru based company’s fifth acquisition during the last four months. It had acquired Akash Educational Services for whopping $1Bn in April, followed by acquisition of Topprs and Great Learning in July. Its last acquisition was that of the US edtech firm Epic for $500 Mn.
After the acquisition, GradeUp will be rebranded as Byju’s Exam Prep. When we checked GradeUp’s official website, the brand change had already taken place. GradeUp has even changed its domain name.
GradeUp essentially helps higher education students in exam preparations pertaining to government exams and PG entrance exams like IAS, GATE, CAT, Defence so and so forth.
Over the last one year or so, Byju’s has amassed over $1Bn through external several funding rounds raised from marque and international PE investors. It has been raining funds for Byju’s ever since the outbreak of pandemic. So much so that the Bengaluru based company recently became India’s most valued startup. Its current market valuation hovers around $16.5 Bn, surpassing the valuation of the Noida based Paytm.
Experts claim that Byju’s valuation may swell to whopping $50 Bn by the time it goes for an IPO.
The company has also released its financial results for FY20. The company’s profit for FY20 more than doubled to reach Rs 50.76 Crore while its losses widened to Rs 250 Cr in the same period.