An interesting edtech acquisition announced of the year 2022
The acquisition has become a common part of the edtech industry. The industry which is seeing a huge and a tremendous growth
Let us talk about the acquisition and the edtech industry. Defining what an acquisition is, is the process when a company buys all or most of the shares of the other company. This a company does in order to have control over the targeted company, because when more than 50% of the shares of a company are bought by a particular company, then the purchasing company gets the right to make decisions without taking permission from the shareholders of the company.
We often interchange these two words acquisition and takeover. The word acquisition represents a friendly transaction when the two parties are in agreement and cooperation with the transaction. A takeover on the other hand is usually the hostile one when a targeted company is against the transaction and does not want this agreement to take place.
The edtech industry of India was of the value USD 750 million in the year 2020 and it is predicted that it will grow at a CAGR of 39.77% and reach USD 4 billion by the year 2025. The Indian edtech startups have raised total funding of more than USD 1.43 billion which has taken place across 100 deals. Out of the total funds that have been raised, Byju’s is responsible for 57% of the funding, then comes Unacademy which holds 10.5% of the share, and then is Vedantu, which is responsible for 9.5/5 share. The main players in the Indian edtech industry are Byju’s, Unacademy, Vednatu, Toppr, upGrad, and many others.
Let us now talk about the acquisition that has taken place in the edtech industry.
Announcement of acquisition in the edtech industry
The edtech startup, Teachmint has acquired another edtech startup MyClassCampus, as announced on January 28, 2022. Any financial details and the size of the deal regarding this acquisition have not been disclosed. This acquisition will help the startup, Teachmint in the expansion of its offerings for schools and institutes. This is what the startup plans to do by combining ERP software with its own learning management system (LMS).
With this deal of acquisition, the startup Teachmint has made its fourth acquisition in the country. The startup before this transaction had already acquired Teachmore, Teachee India team, and Airlearn.
About the edtech startup, Teachmint
With its headquarters in Bengaluru, Karnataka, the startup Teachmint is innovating so that Teachers can inspire. At Teachmint, the startup is reimagining the infrastructure for education and building the future, one classroom at a time. The startup has enabled millions of educators across the globe to provide quality education to their students through its state-of-the-art, mobile-first classroom solutions. The mission of the startup is to democratize online education, to give power to teachers everywhere by providing them with all the tools which are required to build and grow their online presence and hence create impactful an learning experiences.
The goal of the startup is-
Ease- Making online teaching easy- The startup sees to it that its platform is easy to understand and that each step is simple and the user is able to access it without much hustle.
Trust- A platform that can be trusted- The startup strives together to guarantee a trustworthy platform for both students and teachers alike.
Accessible- Focusing on accessibility- The aim of the startup is to democratize education and to make its platform accessible to everyone.
Talking about the story of the startup, Teachmint was born when millions of teachers and students were struggling to go online. Four friends came together and took an initiative to provide a seamless, hustlefree, and exemplary experience for conducting LIVE classes. The investors of the startup are LearnCapital, Titan Capital, Goodwater Capital, Lightspeed, Better, rocketship.VC, and Epiq Capital.
The startup currently is available in more than 15 Indian and International languages. The platform of the startup has more than 10 million teachers and students from around 25 countries. The platform of the startup has a wide range of offerings, from K-12 schools to after-school tutoring to universities, creators, and even edtech.
About the edtech startup, MyClassCampus
The startup, MyClassCampus was founded in the year 2017 by Rachit Dave, Rutvij Vora, and Raj Kothari, and has its headquarters in Ahmedabad, Gujarat. The startup was born out of an idea of three young engineers that when there can be digitalization in everything, then why not an educational platform? The startup is engaged in working to solve day-to-day communication, operational, learning, and management issues through very much organized and effective solutions by providing many of the important features on the School Management application which brings a lot of convenience and efficiency.
The primary idea of the startup was to provide a simple yet dynamic system that could cater to all the needs of an educational organization to operate efficiently. But as time passed, and as the startup served more and more customers, it realized that it has seen a big opportunity to build a lot of features that could become revolutionary methods of student-teacher engagement and after school resources access and simplified learning through a unique Mobile Application driven Learning Management System.
The mission of the startup is to help 1000s of schools, colleges, and educational institutes to get Digital through its easy-to-use and very advanced all-in-one School Management Software with an advanced Mobile Application. The startup started with a team of 3 members and has increased to a team of more than 60 full-time professionals working and servicing 1000s of clients and lakhs of users across the country and in more than 20 other countries.
The startup was awarded as Best Education ERP of the Year because-
It has 4600 hours of analysis of the domain about how to make any module and what to deliver.
It has 15333 hours of development efforts till now to provide ever best user experience and functions
It has 460 customer’s trust and support for their daily activities on the system
It has 30 white-labeled solutions to help institutes increase their branding
What has been said about the deal of acquisition?
Mihir Gupta, who is the CEO and co-founder of the startup, Teachmint, made a statement saying that the startup realized that if both the startups worked together a synergy could be created which will be required to provide the best infrastructure support and technology enablement to schools and institutes. He further said that there is strong confidence that the extensive ERP of MyClassCampus when combined with the state-of-art LMS of Teachmint, will be a complete one-stop solution for educational institutes across the globe. He then welcomed the entire team of MyClassCampus saying they are delighted to have them on board.
Rachit Dave, who is the co-founder of MyClassCampus said that with Teachmint, the startup has found the perfect integration and way to deliver more value and innovation. He then said that the understanding of Teachmint has put it in a very strong position in the market to create an impactful learning experience.
We have high hopes for this acquisition. We hope it is able to create a strong impact. We wish both these startups a bit of good luck and hope they have a strong and impactful future head!
Edited and published by Ashlyn Joy