According to a senior corporate executive, the transaction will allow it to improve its data science, artificial intelligence, and machine learning capabilities.
Scaler, an edtech company, has acquired AppliedRoots, an online learning platform, for $50 million in cash and equity.
The acquisition is the company’s third in the last 12 months, and it comes within two months after it raised $55 million in Series B capital from Lightrock India-led investors.
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Scaler’s parent firm InterviewBit, founded by Anshuman Singh and Abhimanyu Saxena in April 2019, has a post-money worth of $710 million, as reported earlier on NBB.
“This acquisition will help us grow faster in the AI and ML space,” Saxena said. “We have a long runway and the capital raised will look to grow business further through organic and inorganic routes.”
Srikanth Varma Chekuri, Murali Krishna Varri, Naveen Reddy Bade, Brahma Reddy, Srinivas Reddy, and Satish Atcha founded AppliedRoots.
It offers an online AI and machine learning diploma programme.
GATE CS preparation and applied coding tracks are also available on the platform for tech professionals. In the last four years, its staff has helped more than 40,000 students, according to the company. Scaler has chosen to take on the entire team, including the founders.
“Our immediate goal will be to support the efforts and projects being done in the Data Science & ML team. We will also incorporate a separate Data Analyst Sub track within the Data Science program,” Chekuri, co-founder of AppliedRoots, stated.
Scaler has till date raised around $76 million. It will look to acquire more companies this year. “We are open to small acquisitions where we are looking to bulk up on talent, distribution or for access to geography,” Saxena shared.
Scaler is currently generating $60 million in annualised revenue run rate (ARR).
“We expect to reach an ARR of $150 million by end of FY23,” Saxena added.
The organisation wants to grow its visibility in beginner software development programmes and data analytics/engineering.
Scaler Academy is an edtech firm that focuses on upskilling college students and tech professionals. It was founded in 2019. According to an earlier Scaler press release, roughly seven out of ten unicorns in India now have a Scaler Academy alumni. In addition, Scaler Academy has worked with industry giants like Microsoft, Google, and Amazon for placements.
