India’s Edtech unicorn, Byjus is about to acquire Tynker, a US-based coding platform for children, making it the latest in a series of acquisitions to consolidate its leadership in the K12 segment, as it prepares to go public.
Post buying White hat Junior in August 2020 for $300 million, the Tynker acquisition will mark Byju’s second acquisition in the coding space. Meanwhile, the value of the deal is undisclosed but as per sources, it could range somewhere around $100 million. This is the third US-based company that BYJUS is looking forward to, after acquiring educational gaming startup Osmo and online reading platform Epic.
Edtech has been on a funding and acquisition spree this year, by spending more than $2 billion to buy over half a dozen companies across categories. Byjus has bought 15 companies from the day of its inception.
Tynker was founded in 2012 by Krishna Vedati, Srinivas Mandyam and Kelvin in Mountain View, California. The platform teaches children ages 5 to 18 on developing coding skills, skills to design and power animations, games, music, robots and drones, smart devices, virtual worlds and more.
Tynker says it has up to 60 million students in 90,000 schools, giving Byjus a stronghold in North America. In addition to collaborating with brands such as Mattel to provide the Hot Wheels and Monster High coding experience, it also collaborates with companies such as Apple, Sylvan Learning, BBC Learning, Infosys Foundation USA, Microsoft, PBS and Lego.
Started in 2011 by Raveendran and Divya Gokulnath. The Bengaluru-based platform boasts more than 100 Mn students on its platform backed by marquee investors — General Atlantic, Sequoia Capital, the Chan-Zuckerberg Initiative, Naspers, Silver Lake, Tiger Global, among others.
BYJU’S also claims to have over 6.5 Mn annual paid subscribers with an annual renewal rate of 86% on its personalised learning programs. BYJU’s had raised $50 Mn in its Series F round in July led by IIFL’s private equity fund and Maitri Edtech.ll
Earlier BYJUS acquired exam-preparing platform GradeUp and Aakash Educational Services Ltd. at $ 950 million, making it one of the most expensive Indian ed-tech acquisitions till now. In addition to this other platforms include — Epic Games, Toppr, Great Learning, HashLearn, doubt solving platform Scholr, Whodat.
The Edtech reported the full INR 51 Cr profit and INR 2,434 Cr revenue in FY20 independently. Profits grew by 152% year on year while revenue grew by 81% over the same period. The company reported expenses tuned to INR 2,383 Cr, up to 80% YoY. On a stand-alone basis, BYJU’S was beneficial in FY20 and FY19.