Education firm FitKids announced on Wednesday that it has acquired ThinkLABS in an all-cash deal funded by internal accruals of the company. ThinkLabs is a company that provides hands-on science and technology education provider.
The acquisition of ThinkLABS adds about 100 more schools to the existing portfolio of 160 schools. FitKids, with a revenue of Rs 27 crore, did not disclose the transaction value.
FitKids will a product for the education vertical using technologies such as Artificial Intelligence and Natural Language Processing by end of this year. FItKids plans to scale its operations from 46 cities to 100 cities across the country through the acquisition, the company said in a statement.
Fitkids provides solutions in sports and physical education, creative movement, S.T.E.M. and career counseling for children up to Grade 12.
The STEM (Science, Technology, Engineering, and Maths) offering of FitKids and ThinkLABS go to the market under the brands DiscoverEd and Eureka respectively. DiscoverEd works on the model of curriculum delivery at schools by its own teachers while Eureka works on the train the teacher model. The teammates from ThinkLABS will continue to operate independently and under the ThinkLABS umbrella that will also now include the DiscoverEd program.
“There is a lack of impetus given to STEM education and Hands-on Learning in India and this fundamental gap in the education system is what we are trying to bridge with DiscoverEd. Eureka, will now enable us to cater to Tier-II and Tier-III markets where the model of DisocverEd is not economically scalable,” said Dev Roy, Founder, and Mentor, FitKids.
“We are happy and excited with the new development. Eureka will now have access to the high-quality research and product development teams and a fantastic sales channel that will help us scale Eureka to new heights”, said, Gagan Goyal, Founder, and CEO, ThinkLABS.
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Source: Business-Standard
