Miami-based online learning firm Open English has made its first bet in India with the acquisition of Bengaluru-based mobile language-learning app Enguru for an undisclosed amount in a share swap deal.
Enguru is backed by investors like Potencia Ventures, Bisk Ventures, LetsVenture, Ronnie Screwvala, Arihant Patni and Dell Foundation.
Open English said in a statement that English has been growing as one of the most commonly used languages in the workplace across India. Besides, the rise of internet users will also push for an opportunity in the edtech market, which is projected to touch $10.4 billion by 2025. This blend of growing internet penetration and a strong demand for English-learning, has created an optimal environment for Open English’s acquisition of Enguru, it added.
Open English offers customized learning solutions for businesses (Open English for Business), children (Open English Junior) and digital skill development (NextU).
Founded by Arshan Vakil in 2015, Enguru is a mobile-first English learning platform with over 16 million downloads and average monthly use of over 10 hours per paid student. The platform strives to help young adults improve their fluency and confidence through live classes and gamified learning activities.
“We are convinced that Enguru’s mobile-first learning platform offers the best solution for Indian consumers through its combination of live interactive classes, self-paced lessons and gamified learning activities,” said Andrés Moreno, founder, Chairman and CEO of Open English.
“Both Open English and Enguru target a consumer who’s hungry for high quality and affordable solutions accessible from wherever they are. We strongly believe Open English’s expertise in scaling a live English platform will help us capture a significant share of the English-learning market in India,” said Arshan Vakil, CEO and Founder at Enguru.
In August last, Enguru had raised an undisclosed amount to scale up its live class offerings and launch kids focused classes aimed at 6-16-year-olds, VCCircle reported.