Byju, operated by Think & Learn Pvt Ltd is set to acquire USA based Osmo for $120 million. Tapping Osmo’s physical to digital technology and content to expand its current offering, Byju is aggressively expanding internationally. Byju is an education technology firm that is based in Bengaluru, India.
Founded by Indian origin Pramod Sharma, Osmo produces augmented reality games for iPads and iPhones which is targeted at children. Byju which also targets children, mainly from grade four to twelve is pursuing its largest acquisition till date. Byju was recently valued at $3.6 billion in its latest round of funding last month. Byju’s said it wants to tap Osmo’s physical-to-digital technology and content to expand its current offerings.
According to a statement from Byju:
“With this acquisition, we are expanding into a new age demographic and entering the world of younger kids (age group 3-8). Our partnership with Osmo will help kids acquire love for learning at an early age by introducing ‘play-based learning.”
Osmo’s team which is based in Silicon Valley, USA will continue to operate separately.
Byju latest round of financing was led by South Africa’s Naspers Ventures with other participants including Canada Pension Plan Investment Board (CPPIB) and private equity firm General Atlantic which led to a $540 million financing round. Byju aims to launch products internationally with a focus on English speaking markets like the United States, UK, and Australia.
Byju’s learning app has around 20 million registered students and 1.26 million annual paid subscribers till June 2018 and according to sources it has now increased to 30 million registered students and 2 million annual paid subscribers.
Reporting a 97% jump since the last financial year, Byju has reported its revenues for the financial year 2017-18 as Rs 490 crore ($68.8 million). The company aims to achieve a revenue target of Rs 1,400 crore ($196.6 million) this financial year.
About Think & Learn
Founded in 2008, Byju is owned by Think & Learn Pvt. Ltd. Headquartered in Bengaluru, India, Byju offers courses on JEE/Med, CAT Exam, GMAT Exam, IAS Exam, GRE Exam, CBSE, class 8-10, class 11-12(JEE/AIPMT), GRE-GMAT, and ICSE online.
Founded in 2013 by Pramod Sharma and Jerome Scholler, Osmo brand is owned by Tangible Play Inc. Headquartered in the US, Osmo is addressing concerns of many parents about how to have their children interact with technology without losing the value of hands-on play by providing educational app.