Byju’s has shelled out more than $2.2 billion in acquiring complementary businesses in 2021 alone.(Shutterstock)
Byju’s has shelled out more than $2.2 billion in acquiring complementary businesses in 2021 alone.(Shutterstock)

Byju’s buys Toppr, Great Learning in $750 mn deal

  • With this, Byju’s has acquired six startups in 2021, across India and the US.
Livemint | By Tarush Bhalla, Bengaluru
PUBLISHED ON JUL 26, 2021 02:27 AM IST

Edtech unicorn and India’s most valuable startup Byju’s is continuing its acquisition spree by buying after-school learning app Toppr and upskilling platform Great Learning in a cash and stock deal, according to regulatory filings filed by the company.

With this, Byju’s has acquired six startups in 2021, across India and the US.

Byju’s is expected to shell out $600 million to acquire Great Learning and another $150 million for the acquisition of Toppr, said an individual close to the discussions.

With this, Byju’s has shelled out more than $2.2 billion in acquiring complementary businesses in 2021 alone.

The edtech startup will, with the acquisition of Great Learning, enter the upskilling and reskilling segment, which already sees heavy competition from upGrad and Blackstone-backed Simplilearn.

The acquisition is also expected to increase Byju’s offerings for the international markets.

Seven-year old Great Learning provides higher learning degree, diploma and certificate courses across domains such as data science, digital marketing, artificial intelligence, and machine learning, in association with recognised universities globally.

According to regulatory filings, through a share swap, Great Learning’s existing shareholders LMK Holdings Ltd and Matrix Benefit Trust have been allotted Byju’s Series F preference shares worth 733.1 crore (or roughly $98 million).

Byju’s will in exchange acquire 2.583 million ordinary shares in Great Learning Education Pte Ltd, filings show.

Byju’s will offering 17,036 Series F preference shares to Toppr’s existing shareholders, including Helion Venture Partners, Eight Roads, Alteria Capital, Livspace founder Ramakant Sharma, Kaizen PE, FH Learn LLP, and Learn 2 Holdings Ltd. worth 425.9 crore (or roughly $57.2 million), on the higher end of the price band.

After the issue, shareholders of Great Learning and Toppr will hold 1% in Byju’s.

As a part of the fresh issue of Series F shares, Byju’s has also raised 333.36 crore (or $44.79 million) from existing investor MIH Edtech Investments BV, a subsidiary of Naspers, taking its total stake in Byju’s parent Think & Learn Pvt. Ltd to 10.01%. Entrackr first reported about the development on Saturday.

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