In this week’s dealmaking news, India-based startup BYJU’S raised $40 million from China-based Tencent; in addition, World Book formed a partnership with Eupheus Learning to expand into the Indian market.
BYJU’S provides test-preparation tools as well as video classes for school kids, and is backed by the Chan Zuckerberg Initiative. To date, the company has raised more than $200 million, according to Crunchbase.
Earlier this month, BYJU’s, headquartered in Bengalaru, acquired online tutoring brands TutorVista and Edurite from UK-based Pearson for an undisclosed amount.
This is Tencent’s latest investment in the online learning sector. In June, Tencent participated in a funding round for Chinese online tutoring company Yuanfudao. Last year, Tencent announced plans to invest $50 million (RMB 320 million) in Beijing New Oriental Xuncheng Network Technology Co., the operator of the Koolearn.com online education platform.
World Book Partners with Eupheus Learning: World Book, an educational publishing and e-learning company that provides content for children, has partnered with Eupheus Learning to cater to the K-12 curriculum market in India, according to a statement.
With this association, the companies said, Eupheus Learning “will create co-branded solutions based on their expertise and knowledge, customized to the need of the educational sector in India with editorial involvement of the World Book team.” This partnership will also entitle Eupheus Learning to distribute World Book’s print and digital curriculum and reference products in India.
“World Book has recently made a significant investment to expand its editorial core competency and trustworthy content development engine to publish engaging nonfiction content and books for the K-12 market,” said Jim O’Rourke, president of Chicago-based World Book. “It is a long-term commitment towards the Indian education sector, and we feel confident to have a partner like Eupheus Learning, their expertise and deep understanding of the Indian curriculum and ed-tech segment.”
Kajeet Turns Focus to Ed-Tech Market: Kajeet, a provider of mobile internet connectivity for students, announced it will fully focus its business strategy on the education technology market, the McLean, Va.-based company said in a statement.
In the four years since Kajeet launched its education business, the company has established partnerships with over 375 school districts and other clients. As a result of this strategic move to exclusively concentrate on its Kajeet Education Broadband business, Kajeet will close its consumer cell phone division on Aug. 23, 2017, the company said.
“As mobile technology has evolved so has Kajeet, by continually providing innovative solutions to keep children safe and engaged in a mobile world,” said Kajeet CEO and founder Daniel Neal. “We intend to focus our efforts exclusively to helping students not only participate in school but be successful using technology.”
Be sure to check back on Marketplace K-12 for updates on mergers, acquisitions, fundraising, and other dealmaking.
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