Schoolnet Acquires Genius Teacher in Strategic All-Stock Deal
- ByStartupStory | July 9, 2024
Schoolnet, a leading edtech service provider, has acquired the quiz-based learning platform Genius Teacher. The all-stock transaction, whose terms remain undisclosed, is described as a “multi-million dollar valuation” deal. Genius Teacher, a Mumbai-based platform founded by IIT Bombay graduates Advitiya Sharma, Shashank Pachore, and Ruturaj Atre, has previously secured approximately $3 million in funding from investors such as Kunal Shah, Abhijit Bose, Lina Ashar, AngelList, and VKG Group. Tracxn reports the platform’s most recent valuation at around $6.3 million.
RCM Reddy, Managing Director and CEO of Schoolnet India, expressed confidence in the acquisition, stating, “We worked with Genius Teacher for more than one year and were impressed by their A+ Team and AI Tech capabilities, confident that they will strongly support us in our next phase of growth.”
Genius Teacher focuses on enhancing learning in mathematics, science, and English, and the acquisition aims to leverage its AI-driven capabilities to bolster Schoolnet’s offerings. Schoolnet, based in Noida, provides smart-class solutions and an AI-driven app ecosystem to over 50,000 government schools across seven countries, impacting more than 25 million students and teachers.
This acquisition is expected to enhance Schoolnet’s presence in the private school market. The company aims to extend its reach to over 10,000 private schools by the fiscal year 2026-27. Advitiya Sharma, CEO and Founder of Genius Teacher, will join Schoolnet as Chief Growth Officer. Reflecting on the decision to join forces with Schoolnet, Sharma said, “We had offers from institutional investors for funding but felt there could be a bigger game to be played by joining forces with Schoolnet.”
This move marks Sharma’s second successful exit, following the acquisition of his first startup, Housing.com. For the fiscal year 2023-24, Schoolnet reported a revenue of Rs 429 crore and an EBITDA of Rs 69 crore, underscoring its robust financial health.
The Indian edtech sector, which experienced rapid growth during the pandemic, is now navigating a more challenging landscape characterized by funding difficulties and layoffs. Industry experts have predicted a trend towards mergers and acquisitions as smaller players seek stability through consolidation. Earlier this week, Adda247, another edtech firm backed by Google, announced its acquisition of Ekagrata Eduserv, specializing in chartered accountancy test preparation. Additionally, late last year, ALLEN Career Institute acquired the Gurugram-based edtech startup Doubtnut.
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