Stones2Milestones acquires MultiStory Learning
Stones2Milestones on Thursday said it has acquired MultiStory Learning — a Chennai-based boutique kids' content company — for an undisclosed amount.
With this, the publishing IP of Multistory — The Book Lovers' Program for Schools and Ms Moochie Books, is now part of fREADom - The English OS, a statement said.
Also, Multistory Founder Amrutash Misra and his team are joining Stones2Milestones, it added.
"...the fREADom app now has a mix of Multistory's professionally generated content (PGC) in addition to curated PGC and UGC. Additionally, Multistory's physical distribution channel will now be leveraged in such a way that fREADom users will get books in real life in addition to digital content," the statement said.
Founded in 2011, Multistory entered the children's reading space with The Book Lovers' Program for Schools. The programme supplements school libraries with curated and created content, and is used in over 200 schools and by two lakh children (KG to Class VI).
In addition to the 70 books produced by Ms Moochie, the Multistory team also ghost produced over 100 books for other publishers.
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Established in 2009, Gurugram-based Stones2Milestones (S2M) focuses on edutech product development. It launched fREADom that provides a multimodal learning experience, allowing children to pick up critical language skills early.
"Stones2Milestones is re-affirming the goal of building a world-class full-stack English ed product with this acquisition," S2M Co-founder and CEO Kavish Gadia said.
The fREADom app and fREADom Live 1:1 and 1:7 English class have seen strong growth in the last few months, growing 15 times in three quarters.
The company is at an annualised revenue of $1.5 million, and is confident of crossing $7.5 million ARR (annual recurring revenue) by March 2021, the statement said.
Recently, it announced the closing of Bridge funding of $2.5 million, led by Unreasonable, and its LP Goldhirsh Foundation. Across all teams, the company now has 300 employees and freelancers.