Edtech platform BYJU’S acquires US-based Osmo for $120 M
BYJU’S, the world's most valued edtech company, announced it has acquired US-based startup Osmo for $120 million. Osmo develops apps for children that use offline input. Earlier this month, YourStory had reported the Indian edtech company was in talks with several US-based edtech firms for a potential acquisition.
Osmo was founded by former Google employees Jerome Scholler and Pramod Sharma. The platform offers educational courses with the use of games, videos and other materials for classes four to 12 and had raised $30 million in funding. A TechCrunch report suggests that post the acquisition, Osmo will increase its content flow, and the price of the hardware will reduce from the current price range of $99-$189.
Osmo claims to have over 30 million registered students and over 1.3 million paying users at present. BYJU’S, which raised $540 million in its latest fundraising round, was looking to use a part of the latest fund-raise to finalise a US acquisition deal within the next six months.
For a while now, BYJU’S has been looking to launch into new markets, and acquire products that have a global offering, in a bid to bolster its international expansion plans, the company had earlier stated.
BYJU’S, which acquired learning platform Math Adventures in 2018, says it is now eyeing more acquisitions that will allow it to launch into new markets. It is also mulling potential tie-ups or takeovers of content distribution companies.
In 2017, BYJU’S acquired Bengaluru-based edtech startup Vidyartha, which offers customised learning for school students. It also acquired TutorVista and Edurite from global learning behemoth Pearson. Run by Think and Learn Pvt Ltd, BYJU’S was launched in 2009 as an online video-based learning platform for CAT through VSAT. The edtech firm says it now reaches 2 million paid subscribers in India and over 30 million general users.
BYJU’S app – which creates personalised learning programmes for students based on their proficiency levels – will be available in the US, the UK, New Zealand, and Australia by the July-September quarter, during which it will introduce its video-based learning content for five-to-eight-year-olds in these markets, the company has said. In June 2018, the company said it turned profitable after crossing Rs 100 crore in monthly revenues.