BYJU'S in talks to buy WhiteHat Jr in $300mn deal: Report
Think and Learn, the parent company of Bengaluru-based edtech unicorn BYJU'S, is in talks to acquire Mumbai-based startup WhiteHat Jr, media reports said.
Think and Learn, the parent company of Bengaluru-based edtech unicorn BYJU'S, is in talks to acquire Mumbai-based startup WhiteHat Jr, media reports said.
Mumbai-based WhiteHat Jr was founded by former Discovery Networks India CEO Karan Bajaj in November 2018 and is backed by Nexus Venture Partners, Omidyar Network India and Owl Ventures.
Online learning platform Unacademy had also made a bid to acquire WhiteHat Jr but BYJU'S has offered a better deal, Moneycontrol reported on Friday, citing sources.
According to a report in The Economic Times on the same day, BYJU'S made a $300 million all-cash offer to buy WhiteHat Jr.
Neither BYJU'S, not WhiteHat Jr have confirmed the talks. An email sent to BYJU's elicit no response.
The talks of the acquisition come at a time when WhiteHat Jr is already reportedly looking to raise $50 million in fresh financing.
The company raised $10 million funding in Series A last September.
Whitehat Jr last month said it had reached a $50 million annual revenue run rate within 15 months of going live while utilising only a fraction of the $11 million cumulative funding raised.
They are aggressively hiring even amidst the downturn and month-on-month growth has accelerated to 100 per cent, which was earlier 40 per cent before the lockdown.
The company recently launched a pilot program in the US.
WhiteHat Jr's core business is to provide a platform that connects students and teachers on a one-on-one basis, where teachers conduct online live coding classes for the kids.
BYJU'S last week announced a new round of funding from BOND, the global technology investment firm led by investor Mary Meeker.
The company, however, did not disclose the transaction details.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Retirement Planning: SIP+SWP combination; Rs 15,000 monthly SIP for 25 years and then Rs 1,52,000 monthly income for 30 years
Top Gold ETF vs Top Large Cap Mutual Fund 10-year Return Calculator: Which has given higher return on Rs 11 lakh investment; see calculations
Retirement Calculator: 40 years of age, Rs 50,000 monthly expenses; what should be retirement corpus and monthly investment
SBI 444-day FD vs Union Bank of India 333-day FD: Know maturity amount on Rs 4 lakh and Rs 8 lakh investments for general and senior citizens
EPF vs SIP vs PPF Calculator: Rs 12,000 monthly investment for 30 years; which can create highest retirement corpus
Home loan EMI vs Mutual Fund SIP Calculator: Rs 70 lakh home loan EMI for 20 years or SIP equal to EMI for 10 years; which can be easier route to buy home; know maths
10:46 AM IST