India is home to the world's largest educational tech startup and has a thriving list of industry unicorns. Even Indian venture capitalists believe it is a sector to watch out for in 2021. And if that weren't enough, the world's richest man, Jeff Bezos, is targeting India's educational technology sector, regardless of the already growing giant. e-commerce Amazon.
According to a report by PGA Labs and IVCA, India's education sector is poised to grow from $ 117 billion today to $ 225 billion by fiscal year 25. To get a slice of the pie, major players Actors are fighting for clients, acquisitions and funders.
Here's how one day (Jan 13) it spread to India's educational technology sector
Amazon Enters Exam Prep Market With Amazon Academy
The global e-commerce giant has entered the education technology sector with its exam preparation market. Amazon Academy was launched to help students prepare for the Joint Entrance Exam (JEE) for admission to engineering colleges. Amazon will offer educational materials and live tutorials, as well as comprehensive assessments.
Amazon Academy aims to provide high-quality, affordable education for everyone, starting with those preparing for engineering entrance exams. Our mission is to help students achieve their results while empowering educators and content partners to reach millions of students. Our primary focus was quality content, deep learning analytics, and student experience. Amul Guruara, Director of Education for Amazon India, said the launch will help aspiring engineers to better prepare and achieve a win-win advantage in JEE.
BYJU’S billion dollar acquisition
BYJU acquired the Aakash Brick-and-Mortar Preparatory Services Educational Services Institute for $ 12 billion for $ 1 billion. If executed, the deal would become one of the largest educational technology deals in the world.
While BYJU declined to comment on the matter, Aakash Educational Services Ltd. (AESL) confirmed that it is in talks with Byju to build a strong partnership. "These speculations aside, we would like to affirm that AESL is on a mission to build India's largest digitally enabled and multichannel education company. We will accelerate digital transformation and deliver exceptional value to our students. We will rapidly expand our comprehensive channel. and our digital offering, as we embark on the next path of quality education. Growth, "the company said.
Unacademy Raises Another $ 50 Million
Another Indian education tech, Unicorn Unacademy, closed a $ 50 million sub-deal. The deal saw Tiger Global, Dragoneer Investment Group, Steadview Capital and General Atlantic increase their stakes in the company by acquiring additional shares of $ 50 million from previous investors.
The startup had raised an undisclosed amount of funding in November, which valued the company at more than $ 2 billion. In September, the five-year-old startup entered the Unicorn Club with a check for $ 150 million from SoftBank. Unacademy also raised funds from Facebook in February, which is the social media giant's second direct investment in India.
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