Byju's eyes acquisition of US-based digital reading platform Epic, talks underway: Report
As per the negotiations so far, Epic is being valued "significantly over $300 million", a source privy to the purported deal was reported as saying.
March 30, 2021 / 08:51 PM IST
Epic is one of the most used e-platforms for teaching children below 12 years of age in the US (File image)
Indian e-learning startup Byju’s is eying the acquisition of US-based digital reading platform Epic, a report citing sources claimed on March 30. The talks are reportedly underway between the two sides.
As per the negotiations so far, Epic is being valued "significantly over $300 million", a person privy to the purported deal told TechCrunch. The source was kept anonymous as both the companies are yet to release an official statement.
Another insider, who is also familiar with the purported deal, told the tech news website that though the negotiations were underway, a probability exists that the deal may not materialise.
Notably, Epic is one of the most used e-platforms for teaching children below 12 years of age in the United States. It offers subscribers unlimited access to over 40,000 books from more than 250 publishers.
Backed by Evolution Media - a multi-stage investment firm - Epic has grown steadily in the US since its launch as a reading platform in 2013.
The California-based company claims to have reached over 50 million kids in the US. The numbers grew by 20 million over the past one year, when the COVID-19-induced lockdown led to a spurt in usage of e-learning platforms.
Till December last year, Epic had raised over $51 million in form of investments.