Sequoia Capital and Tiger Global backed EdTech startup Scaler academy, has announced the acquisition of Delhi-based online learning platform Coding Elements in an all-cash deal. This marks Scaler’s first acquisition to accelerate business growth.
With this acquisition, Scaler aims to bring synergies between the two companies to strengthen further and expand its offering in the professional upskilling space. Coding Element’s founder Mudit Goel has joined the startup as the Strategy and Product Lead. In his role, Mudit will build the Data Science & Machine Learning vertical, a high-growth segment, and will also play a key role in deepening Scaler's relationship with industry partners. Scaler has also set aside a sizable fund of $8 Million (50 crores) to explore other avenues of M&As.
Announcing the acquisition, Abhimanyu Saxena, Co-founder, Scaler & InterviewBit, said, “I'm excited to announce the acquisition of Coding Elements and delighted to welcome the team to the Scaler family. This acquisition will enable us to further strengthen our upskilling platform by expanding our course offerings beyond core software engineering. As we are journeying to the next growth phase, I'm confident that Coding Element's resources, talent pool, and Mudit's rich experience as an entrepreneur and his deep understanding of the upskilling segment will help us in expanding our offerings and reach. The acquisition is another step towards accelerating our growth and making Scaler a world-class virtual tech university. Further, we continue to assess and evaluate potential M&A opportunities in the segment that matches Scaler's vision and mission.”
Coding Elements offers coding courses for kids to assess Live class format and opportunities in international markets. Within two years, the team worked with over 4000 students through in-person classroom courses before going entirely online in 2020.
Mudit Goel, Founder, Coding Elements said, “Coding Elements was started in 2017 with just 3 students in the first batch as an experiment to understand how high-quality education can help improve the lives of families. Within 4 years, we reached 2 million students across 6000 schools and saw how education can uplift an entire economy. I'm happy to have joined hands with Scaler, which is also on the same mission and am excited to be a part of one of the most dynamic teams in the edtech sector. This strategic merger with Scaler is truly a satisfying moment as it makes our journey bigger and better.”
Last year, Scaler Academy raised 20 million USD in Series-A Funding led by marquee investors like Sequoia Capital, Tiger Global, Rocket Internet and more. With India's edtech market to touch $3.5B by 2022 as per RedSeer and Omidyar Network India report, It will be interesting to see how the latest acquisition accelerates their growth in the uncharted post-pandemic market.