After India has mastered a decade of new education technology and attracted 100 million users worldwide, Bengal’s Byju seems to be taking an interest and step by focusing on the US market. He plans to invest 1 billion US dollars in the North American market to accelerate the company’s growth in the next two years. BYJU’s celebrates its expansion plan in the United States and acquires Epic, a digital reading platform for children under 12 years old, for US$500 million. Epic uses a subscription model to give classrooms and families unrestricted access to thousands of books, videos, and quizzes.
This 7-year-old American startup was founded in 2013 by Suren Markosian and Kevin Donahue. It has a user base of 2 million teachers and 50 million registered children on the platform. The company claims that before COVID they had increased their user base by 20 million more children. So far, the startup has already raised nearly 50 million US dollars have been raised from institutional investors such as Creative Artists Agency, Evolution Media, and Reach Capital.
The Epic acquisition is in line with the plan outlined by BYJU founder and CEO Byju Raveendran in an interview with Business Insider last November. Epic’s CEO and co-founder Markosian told Business Insider that the idea behind Epic was to connect books and children in accordance to technology. The company hopes to remove all barriers between books and children and help them find what they need and let all children enjoy reading books.
“That’s why we created this platform, where children can independently discover every book or content they like to read. Reading on the platform is fun, and there are 100 discoveries, new books, or children’s love using it,” Markosian said. Last year, more than 1 billion books were read on the Epic platform.
Indian company ‘BYJU’ will continue to profit from the recently acquired Aakash. Aakash owns a network of 200 educational institutions, which was acquired in April 2021 for $1 billion. Anita Kishore, BYJU’s Chief Strategy Officer, told Business Insider that India will continue to be BYJU’s largest market due to the existence of BYJU’s core products and Akash’s acquisition.
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