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Edtech major Byju’s eyes U.S. expansion with coding site Tynker buyout

Edtech major Byju’s eyes U.S. expansion with coding site Tynker buyout
Edtech major Byju’s eyes U.S. expansion with coding site Tynker buyout

Byju’s has reportedly acquired U.S.-based children’s coding platform Tynker to expand its reach in international markets, especially in the United States. The Indian startup has invested around USD 200 million in this acquisition, although none of the companies have unveiled the actual terms of the deal.

For those unaware, educational programming platform Tynker currently has partnered with prominent companies such as BBC Learning, Microsoft, Mattel, and Google among others, comprising of over 60 million enrollments.

Srinivas Mandyam, the co-founder of Tynker was quoted saying that this platform enables children to learn coding creatively by helping them visualize complex concepts with the help of robots, drones, and other advanced technologies. The company has managed to build its presence in over 100,000 schools across 150 countries, he added.

Mandyam along with Tynker’s other co-founders Kelvin Chong and Krishna Vedati will continue their running the coding platform following Byju’s acquisition.

According to Tynker CEO Krishna Vedati, the company emphasizes understanding what children are passionate about and subsequently deliver personalized learning solutions.  He further added that working together with a platform like Byju’s will enable the company to better help children develop their STEM skills on a global level.

Meanwhile Byju’s founder and CEO, Byju Raveendran said in his official statement that Tynker’s offerings fit well with the edtech startup’s present portfolio. He also added that the company is looking forward to more such acquisitions and collaborations to further increase its global base and broaden its offerings.

This Indian edtech giant has managed to raise over USD.1.5 billion since the pandemic outbreak last year as the masses started shifting to the online mode of education.

Meanwhile, Byju’s is also currently in talks with various bankers, some of whom have reportedly given the company a proposed valuation of up to USD 50 billion.

Source credits-

https://techcrunch.com/2021/09/16/byjus-acquires-coding-platform-tynker-for-200-million-in-us-expansion-push/

 

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Vinisha Joshi

Vinisha Joshi

Despite graduating with an engineering degree in electronics and communication, Vinisha Joshi chose the road less travelled, and decided to pursue her career in content writing . Currently, she pens down articles for cuereport.com and a few other distinguished news platforms, pertaining to business and finance.