Byju's acquires Great Learning for $600 mn
New Delhi: Edtech major Byju's on Monday said it has acquired Singapore-headquartered Great Learning for $600 million (about Rs 4,466 crore), and will invest an additional $400 million to strengthen its position in the professional and higher education segment.
The development comes just days after Byju's had announced the acquisition of US-based digital reading platform Epic for $500 million (around Rs 3,729.8 crore), and an additional $1 billion (about Rs 7,459.7 crore) investment in the North American market. Byju's has acquired Great Learning - a global player in the professional and higher education segment - in a transaction valued at $600 million comprising cash, stock and earnout, a statement said.
Byju's, which has 100 million registered students on its flagship learning app, has earmarked an additional $400 million of investment into this segment towards accelerating Great Learning's growth, it added.
"The acquisition marks Byju's strong push into the professional upskilling and life-long learning space globally with a total commitment of $1 billion, expanding its offerings beyond the K-12 and test prep segments, and further accelerating the company's growth plans," it said.
Great Learning will continue to operate as an independent unit in Byju's group under the leadership of its founder and CEO Mohan Lakhamraju and co-founders Hari Nair and Arjun Nair.
"With this substantial investment, Great Learning will accelerate its organic and inorganic growth in India and across global markets and expand its high-quality, transformational offerings to learners everywhere," it noted.
The partnership brings together Byju's technology and content expertise with Great Learning's professional courses at a significant time when the COVID-19 pandemic and evolving industry dynamics have encouraged professionals in India and globally to upskill themselves.
"Empowering learners with the right futuristic skills forms a fundamental part of our vision. Great Learning is a globally recognised and reputed professional education company and this partnership expands our reach into this new segment.
