Published by: Vivek Dubey
The Indian edtech startup Byju’s, which was once valued at $22 billion and raised billions of dollars from global investors, has faced a setback as its auditor Deloitte and three board members severed ties with the company.
Byju’s had expanded its business through acquisitions during the COVID-19 pandemic, which increased the demand for online education services.
Aakash Educational Services - Byju's bought IPO-bound Aakash, which offers coaching for various competitive exams across India, for $950 million in 2021.
Great Learning - Byju's acquired Great Learning, which counts Indian cricketer Virat Kohli as an ambassador, in 2021 for $600 million. It offers online learning material for professional and higher education courses.
WhiteHat Jr - WhiteHat Jr specialises in offering classes on online coding to students aged 6-18, and Byju's bought it for $300 million in 2020.
Toppr - It offers exam-preparation material for school children in India. Byju's bought it for $150 million in 2021.
Osmo - US-based Osmo offers learning educational games for children aged 3-8, and was acquired by the Indian company for $120 million in 2019.
Epic - The California-based reading platform Epic was acquired by Byju's for $500 million in 2021 as part of its plans to expand its US footprint. Epic has more than 40,000 audio books and videos.
Blackrock - invested in 2020, but has twice slashed the value of its investment in recent months.
Naspers, now known as Prosus, has parked $536 million in Byju's since 2018 and holds a 10% stake.
Peak XV, formerly Sequoia Capital India, is among early backers.
General Atlantic first invested in Byju's in late 2018, with $200 million its last investment in 2020.
UBS invested about $150 million during the pandemic, in 2021.
Qatar's sovereign wealth fund participated in the Indian startup's funding round of $250 million last year.
Chan-Zuckerberg Initiative of Meta founder Mark Zuckerberg and philanthropist Priscilla Chan participated in a 2016 investment round.