Byju’s, India’s largest educational technology platform, is in advanced talks with rival Toppr about a possible acquisition, sources say.
Sources close to the development said the deal is valued at around $ 120-150 million and could be finalized in the next 2-3 weeks.
The emails to Byju and Toppr did not elicit a response.
Toppr was founded in 2013 by IIT Bombay alumni Hayath and Hemanth Goteti, and uses machine learning algorithms based on artificial intelligence to customize each student’s learning paths. It offers coverage of the K12 program with thousands of course combinations and has more than 16 million students on the platform.
The tech education space has grown rapidly around the world, with the COVID-19 pandemic a tipping point.
In the past, Byju acquired TutorVista and Edurite (from Pearson in 2017) and Osmo in 2019. Last year, the General Atlantic-backed company acquired the WhiteHat Jr coding training platform for $ 300 million.
Byju’s, which has raised funds from renowned investors such as Mary Meeker and Yuri Milner, has also extensively expanded its presence in various segments of online education in the country.
The Byjus app has more than 75 million registered students and 5.2 million paid annual subscriptions.
With each new round of financing, the valuation also increases. In November, Byju reportedly raised around $ 200 million (Rs. 1483 cr) in funds from investors such as BlackRock and T Rowe Price, worth $ 12 billion.
Two months earlier, Byju had raised $ 500 million (roughly Rs. 3672 cr) in a round valued at $ 10.8 billion.