According to reports, Uolo Technologies has acquired Bengaluru-based code-learning platform Tekie in an all-stock deal.

The acquisition round involved a cash component for Tekie’s two founders Naman Mukund and Anand Verma, in accumulation to justness that will vest over a three-year period and a performance-linked incentive. The sum was not disclosed.

“Uolo, a business-to-business (B2B) ed-tech startup backed by investors such as Blume Ventures, Omidyar Network and Winter Capital, is foreseeing for the chance for the partner with or acquire companies in the math learning and STEM (science, technology, engineering and mathematics) learning spaces,” says co-founder and chief executive Pallav Pandey.

In December the company has raised $22.5 million in a Series a funding round led by Dubai-based growth-stage investment firm Winter Capital. Morphosis Venture Capital, another Dubai-based fund, is another investor in the company.

Uolo previously raised $3 million in seed funding led by Blume Ventures in November 2020.
It handles parent-teacher communication software and an enterprise resource planning (ERP) management solution.

Pandey says, “An estimated 120 million children attend India’s more than 400,000 private schools, and the company has onboarded 8,500 schools so far, with an aim to have around 50,000 schools on its platform by 2025.”

“The idea of Uolo is that we take ed-tech solutions to the masses in partnership with private schools. Technology in education can really do wonders but it is coming at very expensive prices. The cost of ed-tech solutions today is Rs 20,000-Rs 30,000 a year, but people do not have that much money to spend. It has to become more affordable and for that to happen, it has to be available through schools,” adds Pandey.