Byju's gears up to acquire Great Learning, Gradeup for $400 million

Online education startup Byju's is in talks to acquire Great Learning and Gradeup for $400 million, according to sources. "Byju's is in advanced-stage talks to acquire the upskilling platform Great Learning and test-prep firm Gradeup.

The sources said that conversations with both the companies had reached the post term-sheet stage. A term sheet is a non-binding agreement that spells out the terms and conditions of an investment.

Great Learning is a Mohan Lakhamraju-led company based out of Gurugram. It offers programmes like data science, analytics, AI, machine- learning, cloud computing, cybersecurity, and digital business.

Gradeup helps students prepare for exams like GATE, UPSC, CAT, JEE, NEET, banks, SSC, Railways, etc. Established in 2015, the startup raised $10 million in 2019 from the Times internet. In FY20, it posted net revenue of Rs 24 crore, while net loss stood at Rs 33 crore.

Bjyu's caters to more than 70 million users in more than 1,700 cities in India, creating educational content for students from kindergarten to the 12th grade. It claims to be adding more than 5 million users a month.