The immense rise in EdTech users due to the ongoing pandemic has provided a significant push to the sector in India, which is relied upon to develop at a CAGR of 52% to turn into a 1.96 billion dollar industry by 2021. The edtech industry is witnessing an impressive growth spurt. Not only is its present scenario progressing, but it also seems like its future is really brightening up with new avenues opening for the pioneers in this industry.
The sudden advent of the industry has resulted in making the EdTech market extremely conducive for all kinds of deals such as mergers, acquisitions, joint ventures, new start-ups etc. Below is the round up of some major acquisition deals in 2021 to depict the growth spree of the EdTech industry:
Edtech major Byju’s has been on a purchasing spree in 2021. The Bengaluru-based firm, which is India’s one of the most valuable unicorn startups with a valuation of $16.5 billion, recently acquired Singapore-headquartered Great learning and Bengaluru based augmented reality startup whodat.This move comes just days after Byju’s had announced the acquisition of US-based digital reading platform Epic . Earlier this year, Byju’s also acquired Toppr and Akash educational services.
In a major development, Imarticus Learning, India’s front-running professional education firm, has recently acquired Eckovation, a fast-growing social learning platform. This is Imarticus Learning’s first acquisition through which the leading higher education firm marks its foray into futuristic skill education programs in collaboration with IITs & leading tech universities from India. With this acquisition, Imarticus Learning is conscientiously planning to make an effort to give it back to the society through Eckovation’s social learning and a range of e-learning programs for free.
Edtech platform upGrad has announced the acquisition of bengaluru based KnowledgeHut looking to make a bigger dent in international markets and venture into the lucrative short-term skilling courses market. With this deal, upGrad is venturing into the short-term upskilling and reskilling segment which it claims has a market potential of over $58 Bn. This move will also allow upGrad to foray into global markets. The Mumbai-based edtech company will gain access to KnowledgeHut’s global base of 250K learners.
Earlier this year Unacademy acquired TapChief, the online platform helps professionals to earn incomes without full-time jobs. This acquisition will enable the edtech startup to build Unacademy Pro, a platform that helps you become a “Pro and get your dream job”. Recently it also acquired live game streaming platform Rheo TV. As part of the deal, Bengaluru-based Unacademy will fully acquire Rheo TV, and enable the exit of all existing investors.