Byju’s Acquires Singapore Education Firm Northwest

MUMBAI : Byju’s agreed to buy Singapore-based online higher education platform Northwest Education Pte in a cash-and-stock deal, said two people aware of the transaction, as India’s largest online tutoring firm continues to expand its presence overseas, especially in English-speaking markets.

Byju’s, Run by Think and Learn Pvt. Ltd, will pay less than $ 100 million (approx.) 750 crore) for the purchase, one of the two people cited above, requesting anonymity.

The transaction will be financed through a mix of internal cash reserves and Byju’s stock and will include a milestone-based earnings-out component for the founders of the Northwest, the person said.

Byju’s, also India’s most valuable startup, will carry out its acquisition through its upskilling platform, Great Learning, the two people cited above said.

Byju’s and Northwest did not respond to requests for comment until press time.

Byju’s acquired Great Learning in June last year, a $ 600 million deal, its second-most expensive purchase so far. The ed-tech giant then said it would invest an additional $ 400 million to grow the business.

Through Great Learning, Byju’s entered the upskilling and reskilling segment. This February, Great Learning acquired Superset, which uses technology to make campus recruitment easier. At the time, Great Learning CEO Mohan Lakhamraju said the firm was looking to add new capabilities and segments to its business through inorganic acquisitions.

Great learning did not respond to a request for comment.

The Northwest deal follows Byju’s parent announcing on March 11 that it will raise a fresh $ 800 million round at a $ 22 billion valuation. Sumeru Ventures, Blackrock and Vitruvian Partners will lead the round with a $ 400 million fund, with Byju’s founder Raveendran investing in the rest. Raveendran is currently raising a personal loan of $ 400 million against its shares in the company.

Raveendran’s personal fundraising is “fully on track with more than half the amount already raised,” said a spokeswoman for Byju on April 28, without identifying the lenders.

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