Byju's acquires TutorVista, Edurite from Pearson in an undisclosed deal
Edu-tech startup, Byju's, has acquired TutorVista and Edurite from Pearson as it expands its offerings to school students in the US and UK.
The Bengaluru-based firm did not disclose the financials of the deal, but pointed out it would provide access to newer markets.
Byju Raveendran, Founder & CEO, Byju's, "We believe a product like ours can change the way students learn all across the world. We have started creating similar products for the international market."
TutorVista is one of the largest online tutoring brands catering to school and college students in the US. TutorVista, which was built by serial investors K Ganesh and Meena Ganesh, was bought by Pearson for over Rs 600 crore in 2011. As Pearson faces challenges in building its education business, it is hiving off non-profitable ventures.
Deepak Mehrotra, Managing Director, Pearson India, "Edurite and TutorVista are pioneer brands in their respective spaces and enjoy great customer goodwill. We are pleased that a leading online education company in India sees value in the businesses, brands and employees. We hope that the businesses and employees thrive under the new ownership and wish them all the very best."
Byju's expects to be a start-up with a billion dollar valuation and plans to turn profitable this year with over 400000 students using its paid app on their smartphones.