Byju’s, the most valued startup in India, has acquired online exam preparation platform Gradeup, marking its eighth acquisition since January this year.
The acquisition will also help BYJU’s harness Gradeup’s student reach, the company added.
Gradeup will be re-named
Gradeup will be rebranded as Byju’s Exam Prep and will cater to students preparing for 150+ exams over 25 exam categories covering Govt Jobs and PG Entrance Exams such as IAS, GATE, CAT, Bank PO/Clerk, Defence, UGC-NET, etc.
The financial details of the transaction couldn’t be immediately ascertained.
Comment from Byju’s
Byju Raveendran, CEO, “Our focus has always been on ensuring that every learner has access to the highest quality of teachers and content to help them learn better.
With Gradeup on board, we will be able to further scale and expand our test-prep offerings in postgraduate level exams. Gradeup has already proved its mettle and we are excited to join forces with the seasoned team.
We aim to bring our complementary strengths and expertise together to create engaging and personalised learning experiences.”
Comment from Gradeup
Shobhit Bhatnagar, CEO, “By combining live classes, assessments, and quality study material, we have built a highly specialised offering for students preparing for competitive exams.
Together with BYJU’S, we will accelerate our growth and expand our reach across the country.
Further, we will leverage their strengths in content to deepen our current product offering and broaden our coverage of exams.”
New funding
After raising close to $1.3 billion over the last eighteen months, Byju’s is ready to raise funds again. The company has passed a special resolution to raise ₹1,094 crore or about $150 million led by Asmaan Ventures.
According to Ministry of Corporate Affairs (MCA) filings, Byju’s has allotted 6,045 Series F preference shares to Mirae Asset and ARK Ncore. Each of these shares cost ₹285,072.
Meanwhile, the company has allotted 38,705 Series F preference shares to Asmaan Ventures. These shares were given at a discount rate of ₹238,125 per share.
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