Jan 17: Education-technology company Byju’s has acquired Osmo, a US-based learning platform, for $120 million. With the acquisition, the company aims at global expansion. A report said that, Osmo, which has its target audience children, creates augmented reality games for iPads and iPhones. In the latest round of funding, the company was valued at $3.6 billion. The reports are that the latest acquisition will be the largest one made by Byju’s.
Byju’s is planning to expand its services further with Osmo’s physical-to-digital technology and content, the report added. Byju’s will be reaching out to the children of age 3-8 while expanding into a new age demographic. The company intends to introduce play-based learning to enhance children’s interest in learning at a young age.
News is that Osmo will continue to work independently. The US company was formed to help the parents who are interested in integrating physical, hands-on play with the power of digital platforms to inculcate a love of learning.
In December, Naspers Ventures Company based in South Africa pumped in $540 million into Byju’s. The Canada Pension Plan Investment Board (CPPIB) and private equity firm General Atlantic were also part of the funding round.
During the funding, Byju’s had announced that, in order to boost international expansion, the company is looking for an acquisition. Byju’s backed by Think & Learn Private Limited plans international product launches which concentrate on markets including the United States, UK, and Australia.
Byju’s-The Learning App offers content to the students of classes 4 to 12. As of June 2018, the application had around 20 million registered students and 1.26 million annual paid subscribers.
Currently, students’ registration stands at 30 million and the count of annually paid subscribers are 2 million. In the financial year 2017-2018, the company reported revenue of Rs 490 crore. The company revealed that their target revenue for this fiscal is Rs 1,400 crore, the report added.