BYJU’S parent has made a $300 Mn all cash offer for WhiteHat Jr and is looking to spend $150 Mn for Doubtnut a week after raising funding from Silicon Valley investor Mary Meeker’s Bond.
Byju’s is reportedly in advanced negotiations to acquire Doubtnut, a two-year-old learning app, for as much as $150 million as an all-cash transaction. BYJU’S is currently leading the edtech market with 57 Mn users.
Byju’s was founded in 2008 by Divya Gokulnath and Byju Raveendran, offering a learning app, which was launched in 2015 and has learning programmes for students in classes IV-XII along with courses to help students prepare for competitive exams like JEE, NEET, CAT, IAS, GRE, and GMAT. It has raised a total of $1.5B in funding over 15 rounds. Their latest funding was raised on June 26,2020 from a Venture – Series Unknown round.It is funded by 19 investors. Bond and General Atlantic are the most recent investors.
WhiteHat Jr To Raise $50 Mn At $350 Mn Valuation
WhiteHat Jr is also in talks with marquee venture capital and private equity firms such as Sequoia Capital, Tiger Global, Steadview Capital, Singapore’s sovereign wealth fund GIC and Renuka Ramnath-led Multiples Alternate Asset Management to raise $50 Mn at a $350 Mn valuation. So far, the company has raised $11 Mn from Nexus Venture Partners, Omidyar Network India and Owl Ventures.
WhiteHat Jr prepares kids 6-18 for the new tech world. Kids learn fundamentals of coding–logic, structure, sequence and algorithmic thinking–to generate creative outcomes like animations and apps.
All classes are taught Live 1:1 Online in the comfort of home by Top 99.9th percentile of certified teachers.
The company launched its beta in January 2019 and has over 500K registrations with more than 5K live online classes being conducted daily.
Doubtnut provides video-based solutions to student queries leading the doubt clearing market
Doubtnut learning app was founded in October 2017 by Tanushree Nagori and Aditya Shankar. It offers a multilingual online learning platform using technologies such as image recognition, natural language processing and proprietary AI/ML algorithms. The company has more than 13 Mn monthly active users. Doubtnut has raised a total of $18.9M in funding over 4 rounds. Their latest funding was raised on Jan 31, 2020 from a Series A round. It is funded by 8 investors. Omidyar Network and Tencent Holdings are the most recent investors. Doubtnut works with the K-12 education group and for test prep in IIT and engineering entrance tests.
There has been a plethora of investors seen showing interest in India’s education tech sector due to the Covid crisis.