Byju’s makes 9th acquisition of this year ahead of IPO | Avaneesh Parasar
The latest acquisition by Byju’s will accelerate its expansion in the US ahead of an initial public offering expected next year | Avaneesh Parasar
Online education giant Byju’s is paying about $200 million to acquire the coding platform Tynker, people familiar with the matter said, as India’s most valuable startup accelerates its expansion ahead of an initial public offering expected next year.
Byju’s is paying for the purchase in cash and stock, the people said, asking not to be named because the details are private. The companies didn’t disclose the value in their statement announcing the deal on Thursday. Byju’s has made nine acquisitions this year as it seeks to expand the education options it can offer online.
Tynker’s service, launched in 2013, offers classes and camps on coding, with some curriculum offered for free and premium content sold to schools for an average of $5,000 a year. Co-founders Krishna Vedati, Srinivas Mandyam and Kelvin Chong will remain in their roles after the acquisition. Avaneesh Parasar
Source: https://www.livemint.com/companies/start-ups/byjus-makes-9th-acquisition-of-this-year-ahead-of-ipo-11631789106757.html
