BYJU’s, which is IPO-ready, is now rebranded Gradeup to be its Exam Prep. This will cater for students preparing more than 150 exams
Gradeup offers test preparation courses in all sectors. The most popular are banking and SSC prep. Gradeup claimed to have over 250K subscribers and more than 20 Mn registered users
BYJU’s founder and CEO Byju Raveendran said that Gradeup will allow the company to expand and scale its postgraduate exam test-prep offerings.
India’s most valuable startup and edtech titan BYJU’s announced the acquisition by Gradeup of an online exam preparation platform. The sum was not disclosed. Gradeup, an IPO-ready startup currently valued at $16.5 billion, has rebranded Gradeup to become its Exam Prep. This will allow students to prepare for more than 150 exams including the Graduate Aptitude Test In Engineering (GATE), Bank/PO, and UGC-NET.
BYJU spokesperson, when contacted by Inc42 did not disclose the amount of the acquisition but said that Gradeup founders would continue to lead the vertical in new positions within the company.
BYJU’s has already acquired 16+ companies and was currently in negotiations to purchase Gradeup and Great Learning in April 2021 for $400 million. BYJU’s purchased Gurugram-based platform Great Learning for $600 million in July.
Gradeup was founded in 2015 by Shobhit Bhatti, Sanjeev Kumar and Vibhu Bahushan. It offers test prep courses for all sectors. The most popular sections are banking and SSC preparation. It claimed that it had more than 250K subscribers and 20 Mn registered users. The company claimed that it had a net revenue of INR 60 Cr for FY20.
“We will grow our business and expand our reach in the country together with BYJU’S. Bhatnagar said that we will also leverage their strengths in content to expand our product offerings and increase our coverage of exams.
According to a spokesperson, the startup already has BYJU IAS, a UPSC preparation platform and books for CAT and GRE. These will be integrated into Gradeup (now BYJU Test Prep), which will also include other PG-level entrance exam prep.
BYJU’S relies on large acquisitions to gain more control over the Indian edtech market. It had purchased coding startup WhiteHat Jr, a coding platform for children, in August 2020 for $300 million. The company bought test prep firm Aakash Educational Services, which operates over 200 test prep coaching centres, for $1 billion. Toppr, a K12 rival based in Mumbai, was also purchased by the company for $150 million.
Raveendran, Divya Gokulnath and others launched Bengaluru-based BYJU in 2011. It boasts more than 100 Mn students, backed by prominent investors like Sequoia Capital and the Chan-Zuckerberg Initiative.
According to the company, it claims to have more than 6.5 Mn annual subscribers and an 86% annual renewal rate for its personalised learning programs. BYJU raised $50 million in Series F funding in July, led by IIFL’s private capital fund and Maitri Edtech.