India’s largest edtech startup Byju’s is in late-stage talks to acquire its rival Toppr for roughly $150 million, according to reports.
BloombergQuint quoted its sources as saying that the e-learning portal is close to signing a deal to take over Toppr Technologies, one of its rivals in the K-12 space. According to another report in Entrackr, the two companies have been undergoing negotiations for over two months and are likely to announce the takeover soon.
The report further quoted sources as saying that Toppr was seen a formidable rival by Byju’s, and the acquisition will bolster the latter’s position in the edtech space. The transaction will be made largely in cash with a little equity, they were quoted as saying.
Ever since online education was moved almost exclusively online, Byju’s has acquired a number of players in the e-learning space. In January, it signed a $1 billion deal with test preparation leader Akash. It had acquired children-focused coding platform WhiteHat Jr for $300 million in August last year. In June 2020, it was also in talks with Doubtnut, but deal failed to be concluded.
After two rounds of funding in September last year by Silver Lake and BlackRock, Byju’s was valued at $11 billion.
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