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Byju’s Acquires TutorVista and Edurite From Pearson
Published
7 years agoon
Online education tech startup, Byju’s, based in Bengaluru, acquired TutorVista and Edurite from the world’s biggest learning company Pearson, based in the UK. This partnership comes three months after Byju’s raised additional funding from Belgium based investment holding company Verlinest. The financial details of this acquisition have not been disclosed.
The partnership will be focused on expanding their international reach and creating a diverse product portfolio. In a statement, Byju Raveendran, Founder and Chief Executive of Byju’s said that the partnership will give them access to new markets when they launch their international products.
TutorVista is a pioneer in online tutoring for students across the world which also provide services such as test preparation services, help with homework, supplemental tutoring among others. They acquired Edurite, an education solutions provider in 2007. In 2009, Pearson acquired a 17% stake in TutorVista and added another 59% stake in 2011 for Rs. 577 crore. They acquired 80% stake of TutorVista in the same year and took over the remaining 20% stake in 2013.
Byju’s, valued at $ 670 million, will get a foothold in the lucrative online market of the United States with this acquisition, which amounts to 70% of TutorVista’s traffic. In 2016, Byju’s raised capital thrice from various investors. They raised about $ 75 million from Sequoia Capital and Belgian family office Sofina, $ 50 million from the Chan Zuckerberg Initiative and $15 million from the World Bank investment arm International Finance Corp. Till date, Byju’s have raised over $150 million in venture funding rounds.
Founded in 2011, Byju’s is already present in the Middle East and is looking to expand to the US, UK and South Africa along with other African and Commonwealth markets. They also boast of 8 million users and 4 lakh annual paid subscribers between the classes of IV-XII. They provided personalized learning programs for individual students based on their proficiency levels and capabilities on their app based platform.
Commenting on the acquisition the managing director of Pearson India, Deepak Mehrotra, said they were pleased a leading online education company could see the value of Edurite and TutorVistor, who are both pioneer brands in their respective spaces. He also wished them the best hoping the businesses and employees thrive under the new ownership.
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Latest News
Android 16 Developer Preview Now Available: What You Need to Know!
Published
16 hours agoon
November 21, 2024Android enthusiasts have reason to be excited, as Google has officially unveiled the first look at Android 16 with the release of the Developer Preview. However, before you rush to install it on your device, it’s important to note that this version is not intended for everyday users. Instead, it is designed exclusively for app developers who need to test their applications with the latest features and updates ahead of the official launch.
This early preview aims to ensure that apps are fully compatible with Android 16 by the time it rolls out to users in 2025. By allowing developers to test their apps, Google is working to reduce bugs and enhance performance, ensuring that when Android 16 officially arrives, it will provide a smooth experience for everyone.
Key Features of Android 16
Embedded Photo Picker
One of the standout features in Android 16 is the embedded photo picker. This allows apps to integrate a built-in feature for selecting photos and videos without granting access to the entire gallery, thereby enhancing user privacy and security.
Health Records Access
Android 16 introduces a feature aimed at healthcare apps, allowing them to request access to medical records with user consent. This capability is still in development and targets app developers in the healthcare sector, enabling better integration of health data into applications.
Privacy Sandbox
Privacy continues to be a priority for Google with Android 16. The Privacy Sandbox limits how apps can collect and share user data, providing users with more control over their personal information and ensuring enhanced security.
Improved App Testing
For developers, Android 16 makes it easier to test apps with new features. Google has introduced tools that allow developers to test major and minor updates separately, facilitating smoother app testing without the risk of breaking existing functionality.
Who Can Use Android 16?
Currently, Android 16 is only available to developers. Regular users will have to wait until the Beta version becomes available in 2025. Developers are encouraged to download the Developer Preview to test their apps and provide feedback before the final version is released.
How Can Developers Access Android 16?
Developers can access the Android 16 Developer Preview by following these steps:
- Download the system image for their device.
- Flash the image to install it manually.
- Use Android Studio, Google’s development platform, to test the new features.
- Once installed, updates will be automatically delivered as they become available.
What’s Next for Android 16?
Google has outlined its plans for Android 16 updates in 2025:
- Q2 2025: The main release will introduce major updates, new features, and changes that could impact apps.
- Q4 2025: A smaller update focusing on bug fixes and additional features without disrupting app functionality.
While regular users will have to wait until 2025 to fully experience Android 16, the Developer Preview is already equipping app developers with the tools they need to ensure their applications are ready when the new version rolls out. By testing these features now, users can expect a faster, more secure, and user-friendly Android experience in the near future.
Additional Features Introduced
In addition to the key features mentioned above, Android 16 also includes:
- Audio Sharing: This feature enables multiple Bluetooth headphones to connect simultaneously for shared media playback.
- Notification Cooldown: This reduces notification volume and frequency when multiple alerts are received in quick succession while allowing calls and priority notifications through.
Conclusion
The release of the Android 16 Developer Preview marks an important step in Google’s commitment to enhancing user experience through continuous innovation. By providing developers early access to new features and tools, Google aims to ensure that when Android 16 officially launches, it will deliver a seamless experience for all users. As developers engage with this preview version, they play a crucial role in shaping a more robust and efficient operating system that meets modern demands for privacy, security, and functionality. Stay tuned as more updates and features are revealed leading up to the official release!
Latest News
Rio.money Launches UPI App and Partners with Yes Bank, NPCI to Introduce Co-Branded Credit Card!
Published
23 hours agoon
November 21, 2024Rio.money, an Indian fintech firm, has unveiled its Unified Payments Interface (UPI) app, designed to seamlessly integrate credit with UPI payments. In conjunction with this launch, the company has partnered with Yes Bank and the National Payments Corporation of India (NPCI) to introduce the co-branded Yes Bank Rio RuPay Credit Card.
Revolutionizing Consumer Finance
The collaboration aims to transform consumer finance by combining the convenience of UPI with the advantages of credit cards. This initiative addresses the growing demand for accessible and efficient financial solutions, particularly in Tier 2 and Tier 3 cities, where traditional banking services may be less accessible.
Key Features of the Yes Bank Rio RuPay Credit Card
The Yes Bank Rio RuPay Credit Card enables users to make purchases via UPI at over 100 million merchant locations across India. It offers several attractive features, including:
- Credit limit of up to ₹5 lakh
- Zero fees (no joining or annual fees)
- Exclusive rewards and cashback offers
Since its beta launch, Rio.money has received applications from 244 cities, with approximately 60% of users hailing from Tier 2 and Tier 3 locations. This response highlights the demand for innovative financial products in underserved markets.
Leadership Vision
Riya Bhattacharya, Co-founder and CEO of Rio.money, articulated the company’s mission:
“Rio will become the favourite UPI app for millions of users in India who aspire for affordability and convenience. The Credit Card is just the beginning of how we aim to integrate credit with UPI to transform consumer finance in India.”
She further emphasized that with the introduction of Credit-on-UPI, they are pioneering a lifestyle product that will redefine cash flow management for approximately 600 million Indians. This market is projected to evolve into a $350 billion opportunity, potentially surpassing other credit and payment products.
Anil Singh’s Perspective
Anil Singh, Country Head – Credit Cards and Merchant Acquiring at Yes Bank, highlighted the card’s appeal:
“This co-branded credit card links with UPI to unlock the true potential of payments. It provides rich benefits through simple cashbacks and offers that are compelling for everyday spends.”
Capturing the UPI-Led Credit Market
The UPI ecosystem continues to dominate the digital payment space in India, with over 100 million merchant locations supporting UPI payments compared to just 10 million point-of-sale (POS) machines for traditional credit cards. As UPI-led credit cards gain traction, experts predict this segment will outpace traditional credit products, creating a $1 trillion market by 2030. The largest listed credit card issuer has already reported a remarkable 50% quarter-on-quarter growth in UPI-led credit adoption.
The Road Ahead
Rio.money’s entry into the UPI credit ecosystem positions it as a key player in shaping India’s digital payment landscape. With its innovative offerings and strategic partnerships, the company is poised to capture a significant share of the burgeoning UPI-led credit market while enhancing financial accessibility for millions across the country.
Future Innovations
Rio.money plans to continue expanding its product offerings by integrating more features into its app that cater specifically to user needs. The focus will remain on simplifying transactions and providing valuable rewards that resonate with everyday consumers.
Conclusion
With the launch of its UPI app and partnership with Yes Bank and NPCI for a co-branded credit card, Rio.money is set to revolutionize consumer finance in India. By merging the convenience of UPI with credit access, Rio.money not only addresses current market demands but also positions itself at the forefront of India’s evolving fintech landscape. As digital payment solutions continue to gain momentum, Rio.money’s innovative approach is likely to enhance financial inclusion and empower users across diverse demographics.
Latest News
Mayank Bidawatka’s Billion Hearts Secures $4M in Seed Funding Led by Blume Ventures!
Published
24 hours agoon
November 21, 2024Mayank Bidawatka, former Co-founder of Koo, has successfully raised approximately $4 million in a seed funding round for his new venture, Billion Hearts Software Technologies Pvt Ltd. The funding round was led by Blume Ventures, with participation from General Catalyst and Athera Venture Partners.
Key Investors and Backers
The investment is spearheaded by Karthik Reddy, Partner at Blume Ventures, who expressed enthusiasm for Bidawatka’s vision. Notable contributions also came from industry figures such as Neeraj Arora, Managing Director at General Catalyst and former Chief Business Officer of WhatsApp, and Rutvik Doshi, Partner at Athera Venture Partners. Their backing reflects confidence in Bidawatka’s ability to create impactful digital products.
Focus on Global Digital Products
Founded in August 2024, Billion Hearts aims to develop innovative digital products for a global audience. The company’s first product, which is currently in stealth mode, is designed to address a universal smartphone use case using deeptech solutions. A beta launch is anticipated in the coming months, with thousands of users already subscribing for early access.
Karthik Reddy noted, “Mayank has built and scaled multiple large ventures successfully in the past. We’re excited to partner with him once again to see his vision for Billion Hearts come to life.” This sentiment underscores the strong belief in Bidawatka’s leadership and the potential of the new venture.
Angel Round and Early Support
Prior to this funding round, Billion Hearts had raised $250,000 in an angel round from notable startup builders associated with successful ventures like redBus, Ola, InMobi, Flipkart, and Myntra. This early support has laid a solid foundation for the company as it embarks on its growth journey.
Founder’s Vision
Bidawatka expressed his excitement about the venture, stating, “I’m thrilled to announce that Billion Hearts is being backed by a set of folks I truly admire. While our product is still in stealth, I can say confidently that almost everyone with a smartphone will find it valuable.” He highlighted the enthusiastic response from potential users, noting that thousands have subscribed for the beta version.
A Proven Entrepreneur
Mayank Bidawatka has a strong track record of building successful ventures. Before founding Billion Hearts, he co-founded Goodbox in 2015 and Media Ant in 2012, and was part of the founding team at redBus in 2007. Most recently, he co-founded Koo, a homegrown alternative to Twitter (now X), which ceased operations in July 2024 after acquisition talks with DailyHunt fell through.
His extensive experience in launching and scaling startups positions him well to navigate the challenges of building a new venture in today’s competitive landscape.
What’s Next for Billion Hearts?
Billion Hearts aims to deliver world-class digital products from India for a global audience. With its first product already generating significant buzz, the startup is poised to make a notable impact in the tech industry. The focus on deeptech solutions indicates a commitment to leveraging advanced technologies to meet user needs effectively.
As the company prepares for its beta launch, it seeks to establish itself as a key player in creating innovative digital consumer products that resonate with users worldwide.
Conclusion
With $4 million secured in seed funding and a strong backing from prominent investors, Mayank Bidawatka’s Billion Hearts is set on an ambitious path toward developing impactful digital solutions. The combination of experienced leadership, early support from industry veterans, and a focus on addressing universal smartphone use cases positions Billion Hearts for success in the evolving tech landscape. As it approaches its beta launch, all eyes will be on how this venture unfolds and what unique offerings it brings to the market.
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