Comments
Edtech giant Byju’s has completed the acquisition of two edtech start-ups Toppr and Great Learning, according to the company’s MCA filings.
A source close to Byju’s told BusinessLine that the deal value for Great Learning and Toppr’s acquisition was $600 million and $150 million, respectively. Great Learning had an annual revenue run-rate of $100 million at the time of acquisition, the source added.
The filings show that the acquisition involved a mix of cash and equity. Shareholders of Great Learning and Toppr have swapped their respective shares with Byju’s Series F shares.
In the case of Great Learning, LMK Holding Ltd and Matrix Benefit Trust were allotted 29,324 Series F CCCPS (Compulsorily Convertible Cumulative Preference Shares) at the face value of ₹10. Gurugram-based Great Learning is an upskilling platform founded by Mohan Lakhamraju in 2013.
Similarly for Toppr, a total of 17,036 Series F CCCPS of Byju’s were allotted to Helion Venture Partners, Eight Roads Investments, Alteria Capital Fund, Kaizen PE, FH Learn LLP, Ramakant Sharma and Learn 2 Holdings Ltd. Toppr was founded in 2013 by Zishaan Hayath and Hemanth Goteti.
The filings also show that Byju’s is raising funds from MIH Edtech Investments. 14,000 Series F CCCPS at face value of ₹10 were allotted to MIH Edtech, which is a subsidiary of Prosus, an existing investor of Byju’s.
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.