SUMMARY
Epic’s CEO Suren Markosian and its cofounder Kevin Donahue will continue their roles
This deal will help BYJU’s make its foothold strong in the US
BYJU’s will invest $1Bn in North America to accelerate its vision of helping students fall in love with learning
Edtech giant BYJU’s on Wednesday (July 21) acquired US based reading platform Epic for a record deal of $500 Mn. According to BYJU’s this acquisition will help the startup to make its foothold strong in the US, as Epic has over 2 Mn teachers and 50 Mn students on board. As a part of the deal, Suren Markosian, who is the chief executive officer and Kevin Donahue who is the cofounder of Epic will continue their roles.
Commenting on the investment Byju Raveendran, founder and CEO, BYJU’S said, “Our partnership with Epic will enable us to create engaging and interactive reading and learning experiences for children globally. Our mission is to fuel curiosity and make students fall in love with learning. Knowing that Epic and its products are rooted in the same mission, it was a natural fit. Together we have the opportunity to create impactful experiences for children to become life-long learners.”
At present BYJU’s is the most valued startup with a valuation of $16.5 Mn. Launched by Raveendran and Divya Gokulnath in 2015, the Bengaluru-based company today boasts of having 100 Mn students on its platform. The company is backed by marquee investors such as General Atlantic, Sequoia Capital, the Chan-Zuckerberg Initiative, Naspers, Silver Lake, Tiger Global, among others.
The company last raised $50 Mn in its Series F round last month led by IIFL’s private equity fund and Maitri edtech.
BYJU’S will also invest $1 Bn in North America to accelerate its vision of helping students fall in love with learning.
“We created Epic to make quality books more accessible to kids everywhere, and to build a safe place for them to discover the joy and magic of reading in their own way. The alignment of our missions and shared passion makes BYJU’S the perfect partner, as we’re confident this acquisition will ignite excitement for learning around the world,” said Suren Markosian, CEO and cofounder of Epic.
“Together, we can help empower future generations of kids by fostering a lifetime love for reading and learning,” he concluded.
