This Ten-Year-Old Startup Makes the 9th Acquisition of This Year
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Online education giant Byju’s is paying about $200 million to acquire the coding platform Tynker, people familiar with the matter said, as India’s most valuable startup accelerates its expansion ahead of an initial public offering expected next year.
Byju’s is paying for the purchase in cash and stock, the people said, asking not to be named because the details are private. The companies didn’t disclose the value in their statement announcing the deal on Thursday. Byju’s has made nine acquisitions this year as it seeks to expand the education options it can offer online.
Byju’s is at the head of a booming class of startups in India, which have benefited from a surge in venture capital funding and started to go public. For example, the food-delivery startup Zomato Ltd. went public in July to strong investor demand, helping to set the stage for what could be a record year for IPOs.
The company added 45 million students to its platform last year as the pandemic raged in India and said in July it has more than 100 million users on the app.
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