Indian ed tech giant Byju’s has acquired LabInApp, a virtual simulation platform used by more than 5,000 schools across India, as it continues to grow its footprint in the K12 market amid the pandemic.
The acquisition of the five-year-old start-up LabInApp, will bolster Byju’s offering and capabilities in the K12 segment, news outlet LiveMint reported.
The Indian decacorn has continued to grow throughout the Covid-19 pandemic, as the demand for online learning has spiked. Just a month ago, Byju’s acquired start-up WhiteHatJr in an all-cash deal worth $300 million, marking it’s fifth – and largest – acquisition.
With the new addition to its portfolio, Byju’s continues to grow its market share.
LabInApp gives users access to a virtual simulation of lab equipment and experiments, without requiring a physical lab set-up in school.
There are currently 550 simulations on the platform covering concepts across physics, chemistry, biology and mathematics.
With this deal, the start-up’s early backer Unitus Ventures gets a full exit. Will Poole, managing partner at the venture fund, said: “Acquisition of LabInApp by Byju’s during the course of a global pandemic exemplifies the growth story of innovative ed-tech solutions.
“Unitus remains steadfast in mentoring early stage start-ups applying advanced technology to meet the needs of India’s lower-income populations and supporting them to scale newer heights.”
Earlier this month,Byju’s raised $500 million in a fresh funding round led by US-based buyout house Silver Lake, at a $10.8 billion valuation.
This year, the ed tech firm has raised more than $1 billion in funding from the likes of Tiger Global, General Atlantic, DST Global and BOND Capital.
Date published: 21 September 2020