[TechSparks 2020] Byju Raveendran reveals the three pillars on which partnerships are made
"We have a lot of control over the quality of content we create. We have invested the maximum in product development and not marketing,” said Byju Raveendran in a virtual fireside chat with Shradha Sharma, Founder & CEO, YourStory.
He was speaking at the 11th edition of YourStory’s flagship tech-entrepreneurship summit, TechSparks.
Byju, Founder and CEO of edtech leader, Byju's spoke about the strategic decisions the company makes while partnering or acquiring other platforms or organisations.
The edtech entrepreneur provided an insight into the three pillars he considered important while acquiring a company; namely the new age group, new geographies or new subjects. He said that his team looks forward to a partnership that can enable any of these factors.
“We are not paranoid of building everything ourselves. We focus on what we do the best,” Byju added.
Byju Raveendran, Founder and CEO of edtech unicorn BYJU'S in a virtual fireside chat with Shradha Sharma, Founder and CEO of YourStory, at TechSparks 2020
Reiterating this with examples, Byju pointed out the recent acquisitions of WhiteHat Jr and Osmo - two significant deals entered into by the edtech giant as part of its growth and expansion plans.
Osmo, a US- based startup that was acquired by Byju’s for $120 million last year, develops apps for children by use offline inputs. Byju revealed that as a company, he found Osmo's acquisition as an opportunity to add a hands-on online experience for their students.
Similarly, WhiteHat Jr, which predominantly focuses on coding for kids was acquired by Byju’s in August this year for $300 million to focus as an add-on to what Byju’s already offers. The acquisition was one of the biggest deals in the edtech space.
However, the edtech billionaire revealed that it's not just about the subject of coding or its popularity that brought the deal to a close. “Learning coding at an early stage is not about becoming a coder. It’s about bringing out creativity in the children,” he added.
Byju also highlighted that he is confident about the quality of content, his company brings to the table. He said:
“I am very bullish about what technology can do for the edtech sector. Active learners are key. It’s awareness that we are trying to create and are truly convinced about.”
TechSparks - YourStory's annual flagship event - has been India's largest and most important technology, innovation, and entrepreneurship summit for over a decade, bringing together entrepreneurs, policymakers, technologists, investors, mentors, and business leaders for stories, conversations, collaborations, and connections that matter. As TechSparks 2020 goes all virtual and global in its 11th edition, we want to thank you for the tremendous support we've received from all of you throughout our journey and give a huge shoutout to our sponsors of TechSparks 2020.