Indian education giant Byju’s is acquiring Singapore-based professional training and higher education platform Great Learning for $600 million, Bloomberg has reported.
Great Learning offers professional courses in areas such as design and cloud computing. Co-founder Mohan Lakhamraju said the business plans to grow annual subscription revenue to $1 billion “within the next years” from $100 million today.
In a statement Byju’s said the cash-and-stock purchase marks its entry into the higher education segment.
The vendors will receive certain payments based on Great Learning’s future performance, and Byju’s is setting aside a further $400 million to boost the business’s growth.
Byju’s founder and chief executive Byju Raveendran said: “We are seizing an opportunity to create a very large ed tech company for the world. India’s ed tech start-ups have a huge competitive advantage to capture the global market.”
DC Advisory w as exclusive financial advisor to Great Learning on its acquisition.
Byju’s is valued at $16.5 billion and is backed by Naspers, Tiger Global Management, the Chan Zuckerberg Initiative and others.
Date published: 26 July 2021