Scaler, an ed-tech firm based in Mumbai, has purchased AppliedRoots, an online learning platform, for $50 million in cash and stock.
According to a senior company executive, the transaction will help it to improve its data science, artificial intelligence, and machine learning capabilities.
This is the company’s third purchase in the last year, and it comes only two months after it raised $55 million in Sequence B funding from investors led by Light rock India.
It bought Coding Minutes and Coding Parts last year.
Scaler’s parent company, InterviewBit, was founded in April 2019 by Anshuman Singh and Abhimanyu Saxena and has a post-money valuation of $710 million, according to ET.
“This acquisition will help us grow faster in the AI and machine learning space,” Saxena told ET. “We have a long runway, and the funds raised will be used to expand the business through organic and inorganic ways.”
Srikanth Varma Chekuri, Murali Krishna Varri, Naveen Reddy Bade, Brahma Reddy, Srinivas Reddy, and Satish Atcha founded AppliedRoots.
It offers a web-based AI and machine learning diploma programme.
GATE CS preparation and used coding tracks are also available on the platform for tech professionals. In the last four years, its workforce has serviced more than 40,000 students, according to the company. The whole team, including the founders, has joined Scaler.
“Our immediate goal may be to support the Knowledge Science and Machine Learning team’s efforts and activities. Chekuri, the co-founder of AppliedRoots, added, “We can even put a separate Knowledge Analyst Sub monitor inside the Knowledge Science programme.”
Scaler has raised around $76 million to date. This year, it appears as if there will be more enterprises to acquire. “We’re open to minor acquisitions where we want to add expertise, distribution, or geographic access,” Saxena said.
Scaler is currently trading at a $60 million annualised income run price (ARR).
“By the end of FY23, we expect to have achieved an ARR of $150 million,” Saxena added.
The company is attempting to expand its position in software programme development programmes for novice individuals and knowledge analytics/engineering.
“Because our business is money move positive and profitable, we aren’t concerned about the company’s runway because we have cash on hand.” “We aren’t raising a fresh round of funding right now,” Saxena explained.
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Submitted by: Sakshi Bharari.
Category: Startup
