BYJU's is willing to shell out 10X of what Great Learning earned during the best year for edtech
Great Learningoffers upskilling courses for professionals.
- It claims to have over 1.5 million learners across 170 countries.
- Great Learning will continue to operate independently post acquisition as well.
The deal is valued at $600 million comprising cash, stock and earnout, Great Learning said in a press note. BYJU’s has also earmarked another $400 million to invest in accelerating Great Learning’s growth.
The company will accelerate its organic and inorganic growth in India and across global markets with the $400 million investment.
AdvertisementGreat Learning is an upskilling platform founded in 2013 by Mohan Lakhamraju, Hari Nair and Arjun Nair. The company offers courses in data science and business analytics, artificial intelligence and machine learning, cloud computing, cyber security and more.
The company claims to have delivered over 60 million hours of learning to over 1.5 million learners across 170 countries. Great Learning exited the financial year 2021 with $100 million revenue run rate.
It had earned a revenue of ₹325 crore ($43 million, at current conversion rate) in financial year 2020.
The Singapore-headquartered company collaborates with several universities including Stanford University, Massachusetts Institute of Technology (MIT), Northwestern University, National University of Singapore (NUS), four Indian Institutes of Technology (IITs) and more to offer degree, diploma and certificate programmes. It has over 500 free courses.
Great Learning will continue to operate independently post acquisition as well.
“Together with BYJU’S, we will be able to accelerate our progress towards this goal and meet the growing need for upskilling both in India and around the world. Further, as higher education moves online, we will leverage our joint strengths in technology, content, pedagogy and instructors to create unparalleled learning opportunities at affordable prices for everyone,” Lakhamraju said.
AdvertisementThis partnership combines BYJU’S technology and content expertise with Great Learning’s professional courses at a significant time when professionals are being encouraged to upskill themselves, the companies said.
Decade old BYJU's has been looking at international expansion from this year. Only last week, the company announced its plans to invest $1 billion in North America, as it believes that USA could be its next big market in terms of revenue.
The Chinese government believes online education is bad for students, parents and the society
One may subscribe to Glenmark Life Sciences IPO because of clean regulatory history, strong promoter backing and good track record, say analysts
YES Bank shares surge 5% as investors see a ray of hope after bank reported four fold growth in profit
Popular on BI
- OnePlus blames voltage fluctuation after a user reports Nord 2 charger explosion
- Dropbox's billionaire founder Drew Houston says the 40-hour office week is a thing of the past and the pandemic has changed work forever
- Facebook pumping $50 million into its metaverse project is another sign that Zuckerberg doesn’t want to miss the crypto bus
- Buy biodegradable sanitary pads for women in India
- Best baby booster seat in India
- Amazon-backed Capital Float plans to go big in the buy now, pay later segment; raises $50 million
- Where Indians work — seven charts that show you the employment map of the world’s sixth largest economy
- Alibaba, Binance, Sparkpool and other companies are scrambling to avoid any heat from China over crypto concerns