Byju’s, the Indian ed tech giant, is close to signing a deal to acquire Toppr, a rival, in a deal valued at around $150 million, Bloomberg has reported.
Toppr, whose backers include Elevation Capital (formerly SAIF Partners) and Helion Ventures, provides online learning materials to students.
Since the pandemic began, Byju’s has pursued an aggressive expansion strategy via M&A to capture inflated demand for online education.
In January, it inked a $1 billion deal to buy test-preparation leader Aakash Educational Services.
Last September, after Byju’s raised hundreds of millions of dollars through numerous funding rounds, the firm acquired LabInApp, a virtual simulation platform, just weeks after it bought coding start-up WhiteHat Jr for $300 million.
Last July, Toppr raised $46 million in a Series D funding round led by Foundation Holdings, with participation from Kaizen Private Equity, an existing private equity investor.
According to Bloomberg, Byju’s and Toppr did not respond to requests for comment.
Bloomberg’s article stressed that the deal had not been finalised.
Date published: 15 February 2021