New Delhi: Online education start-up Byju's on Thursday said it has acquired US-based Osmo for $120 million (nearly Rs 850 crore).
Osmo provides a playful learning system, bringing physical toys into the digital world through augmented reality and its proprietary reflective artificial intelligence.
Osmo will continue as a standalone brand since Byju's taps the company's physical-to-digital technology and content to expand and enhance its current offering, Byju's said in a statement.
"This new acquisition will bolster team Byju's international plans...With the integration of Osmo, Byju's will also look to offer a unique, customised, engaging and fun-learning solution for younger kids," it added.
Osmo chief executive officer (CEO) and co-founder Pramod Sharma and his core team will continue to remain at Osmo's helm.
"We were captivated by Osmo's physical-to-digital approach to learning and fun from our first introduction," Byju Raveendran, founder and CEO of Byju's, said.
He added that the company's vision is to make learning fun and engaging across age groups, across geographies.
"Together with Osmo, we have the critical elements needed to build out an unprecedented library of engaging and entertaining educational content for a global pre-K-12 student audience. We are excited by what we are planning to launch in the coming months," he said.
Byju's, which has recently raised $540 million (about Rs 3,865 crore) from Naspers and Canada Pension Plan Investment Board (CPPIB), said it has been growing at 100 percent for the past three years, and is on target to triple its revenue to Rs 1,400 crore this year.
"Byju's has aggressive plans for international market expansion and will continue to make big investments in technology that will help to further personalise learning for students," it added.
Launched in 2015, Byju's offers personalised learning programmes for school students in grades 4-12 in India. It has 30 million students cumulatively learning from the app and over 2 million annual paid subscriptions.
To keep watching India’s No. 1 English Business News Channel – CNBC-TV18, call your Cable or DTH Operator and ask for the Colors Family Pack (inclusive of 24 channels), available for Rs. 35/- per month, or subscribe to the channel for Rs. 4/- per day.
To keep watching the Leader in Global Market & Business News – CNBC-TV18 Prime HD, call your Cable or DTH Operator and ask for the Colors Family HD Pack (inclusive of 25 channels), available for Rs. 50/- per month, or subscribe to the channel for Rs. 1/- per day.
Updated Date: Jan 17, 2019 19:14:15 IST