Edtech startup GetMyUni has acquired Avagmah, which focuses on helping universities fully outsource their online programmes.
GetMyUni, operated by Getmyuni Education Services Pvt Ltd, said that it has acquired the Bengaluru-based company in an all-cash deal.
Avagmah, operated by Aeon Learning Pvt. Ltd, was founded by Karthik KS and Vikalp Jain in 2015.
GetMyUni did not disclose the financial details of the transaction. The move allows it to enter the online certification and degree-granting space.
Some of the institutions that Avagmah has worked with include IIM-Ahmedabad and IIM-Calcutta, Pondicherry University, and NIT Kurukshetra.
“This acquisition allows us to pursue our vision to make higher education accessible to everyone in India, irrespective of their financial status or access to traditional offline setup,” GetMyUni founder and chief executive Upneet Grover said.
Aeon Learning is backed by investors such as LionRock Capital and MEMG Family Office, which is a fund set up by Manipal Education and Medical Group chairman Ranjan Pai.
In January 2018, Aeon Learning raised $3.2 million (Rs 20.43 crore) in a Series B round from MEMG.
GetMyUni was founded in 2015. The Bengaluru-based firm operates other portals including IELTS Materials and The College Monk.
It is backed by Times Internet, the digital business arm of media conglomerate Times Group.
The company says it helps students make academic choices, and claims to have an annual user base of 40 million and more than 300 university partners.
Deals in edtech
The move underlines continuing interest in the education-technology space, which has also started to see companies operating in the segment make investment and acquisition moves.
Reports on Monday suggested that Byju’s was in advanced talks to acquire learning app Doubtnut, with the ed-tech giant looking to expand its reach in smaller cities and towns. Byju’s reported offer values Doubtnut at up to $150 million (around Rs 1,133 crore).
Last week, VCCircle reported that online tutoring platform Vedantu Innovations Pvt. Ltd had made a strategic investment in an edtech startup based in the National Capital Region (NCR).
In March, Facebook-backed Unacademy acquired Delhi-based online exam preparation startup Kreatryx. The company will continue to operate as a separate brand under the Unacademy Brands umbrella.