Byju looking to acquire some part of TutorVista from Pearson
Byju, the domestic online education sensation, is in advanced discussions to buy part of TutorVista from the British publishing and education giant Pearson. The deal may include the online business of technology-enabled education solutions provider Edurite that TutorVista acquired in 2007. The domestic online education startup is looking to expand globally, and is plush with cash backed by the Chan Zuckerberg initiative. Thus, TutorVista, who is predominantly present in US, is a good acquisition fit for the startup.
Pearson, on the other hand, is struggling with its education business and reported ~GBP2.6 billion losses for 2016 after a writedown in US business. The education giant acquired acquired a 17% stake in TutorVista from Bengaluru-based entrepreneur-investor couple K Ganesh and Meena Ganesh in 2009, and subsequently raised it to 100% in 2013. TutorVista provides online tutoring to students across the world as well as test preparation services, help with homework and supplemental tutoring and expert assistance before tests and exams.
Founded in 2011, Byju is present in the Middle East and is looking to expand to the US, the UK, South Africa and other African and Commonwealth markets. It has raised $204 million capital till date and counts big names as its investors such as Sofina, Sequoia Capital, Lightspeed Ventures and Times Internet Ltd, part of the Times Group.