Byju acquires GeoGebra for $100 mn
The shopping spree of edtech major Byju continues as the company on Wednesday said it has acquired Austria-headquartered GeoGebra that runs an interactive mathematics learning tool with a community of over 100 million learners spread across some 195 countries.
image for illustrative purpose
Bengaluru: The shopping spree of edtech major Byju continues as the company on Wednesday said it has acquired Austria-headquartered GeoGebra that runs an interactive mathematics learning tool with a community of over 100 million learners spread across some 195 countries.
Though the company didn't provide details on the size of the deal, sources in the know pegged it around $100 million.
"At Byju's, with the help of innovative teaching and technology, we have been making math fun, visual, and engaging. And with GeoGebra on board, we will continue to further enhance, reimagine and transform the way Math is taught and learned," Byju's chief strategy officer Anita Kishore said.
According to the edtech major, this acquisition complements its overall product strategy and will help create new product offerings and learning formats to its existing mathematics portfolio.
Post this acquisition, GeoGebra will continue to operate as an independent unit under the leadership of its founder Markus Hohenwarter, the company said. Byju, which is valued at around $18 billion after its latest round of funding, is aggressively tapping the inorganic route for driving future growth.
This year alone the Bengaluru-headquartered firm has already invested more than $2 billion in acquisitions of various entities. The most significant acquisition this year includes brick-and-mortar coaching network Aakash Institutes for nearly $1 billion in April. In July this year, it has acquired kids learning platform Epic for $500-million. Similarly, the company had acquired professional and higher education platform Great Learning for $600-million this year.
In September this year, Byju has acquired California-headquartered coding platform for K-12 students, Tynker for $200 million. Its other big buys in recent year includes Whitehat Jr for $300 million and Osmo for $120 million. Byju is the most-valued startup in Indian startup space after the company raised term loan worth $1.2 billion from overseas market.
In FY20, it posted an operating revenue of Rs 2,381 crore in FY20 with a consolidated loss of Rs 262 crore. For FY19, Byju's operating revenue was at Rs 1,306 crore with a consolidated loss of Rs 8.9 crore.
