Mark Zuckerberg backed edu-tech company Byju’s has acquired TutorVista and Edurite from the UK media group Pearson for an undisclosed sum. This acquisition by Byju’s is expected to give it a strong foothold in the US market where TutorVista has a presence. Founded by Byju Raveendran in 2011, Bengaluru-based Byju’s offers learning programmes for class VI to XII students and preparation programmes for competitive exams.
TutorVista counts the US as its biggest market and had earlier acquired Edurite. Pearson first acquired 17% stake in TutorVista from founder and serial entrepreneur K Ganesh in 2009 and later it bought additional 59% for Rs 577 crore taking its holding to over 80%. TutorVista provide online tutorial classes while Edurite is in the space of digital education.
“This partnership will enhance our product offerings and give us access in some of the new markets when we launch our international products. We are excited to work with the talented and experienced team who will come onboard as a part of this acquisition,” said Byju Raveendran, Founder & CEO, Byju’s. Byju’s is one of the leading edu-tech companies in India which has raised $140 million in funding till now. The key investors in this company are Sequoia, Chan-Zuckerberg foundation, Sofina and IFC. The EduTech company as 8 million users and 400,000 annual paid subscribers.
“With increased brand awareness, our core offering – BYJU’S The Learning App has witnessed massive adoption amongst students across grades (classes 4-12). We strongly believe that a product like ours can change the way students learn all across the world. Today, with a wider bandwidth, we have started creating similar products for the international markets that further boost our reach as well as product portfolio,” Raveendran said. Deepak Mehrotra, managing director of Pearson India said, “Edurite and TutorVista are pioneer brands in their respective spaces and enjoy great customer goodwill.”