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Bangalore-based edtech startup FitKids has acquired ThinkLABS Technosolutions for an undisclosed amount in an all cash deal.
With this, the team from ThinkLABS will continue to operate independently, under the ThinkLABS umbrella that will also now include the DiscoverEd program.
Founded in 2010 by Dev Roy, FitKids, provides solutions in Sports & Physical Education, Creative Movement, S.T.E.M., and Career Counselling for children from Kindergarten to Grade 12. It is currently present in 160 schools in 46 cities in India.
On the other hand, Mumbai-based ThinkLabs was founded in 2006 by Gagan Goyal. It provides students, requisite resources through wide variety of kits, software-based programming tools, basic & advanced level workshops, and web-based learning resources.
The STEM (Science, Technology, Engineering and Maths) offering of FitKids and ThinkLABS go to the market under the brands DiscoverEd and Eureka respectively. DiscoverEd works on the model of curriculum delivery at schools by its own teachers while Eureka works on the train the teacher model.
Dev Roy, Founder and Mentor, FitKids said, “There is a lack of impetus given to STEM education and Hands on Learning in India and this fundamental gap in the education system is what we try to bridge with DiscoverEd. Eureka, will now enable us to cater to tier II and tier III markets where the model of DisocverEd is not economically scalable.”
The acquisition of ThinkLABS adds about 100 more schools to the existing portfolio of 160 that FitKids has across the country.
By the end of this year, FitKids plans to launch a product in the education vertical-based on Artificial Intelligence and Natural Language Processing.
Earlier in March 2016, on-demand mobile tutoring platform, HashLearn, raised an undisclosed amount of funding from leading angel investors including Flipkart co-founder Binny Bansal. Other players in this segment include Byju’s, Avagmah, Meritnation, Simplilearn, Englishleap, Testbook, etc.
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