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Airtel picks 10% stake in EdTech startup Lattu Media

Source: PTI
June 17, 2020 23:28 IST
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The investment will enable Airtel to add EdTech to its premium digital content portfolio and give distribution scale to quality learning material from Lattu Kids.

Telecom major Bharti Airtel on Wednesday said it has acquired 10 per cent stake in Mumbai-based EdTech startup, Lattu Media as part of its Airtel Startup Accelerator Program.

Lattu Media (Lattu Kids) specialises in digital learning tools for children, and the app focuses on improving English vocabulary, English reading and Maths skills for children under the age of 10 years through animated videos and games.

 

"The investment will enable Airtel to add EdTech to its premium digital content portfolio and give distribution scale to quality learning material from Lattu Kids," a statement said.

Airtel already has over 160 million monthly active users across its digital platforms - Airtel Thanks app, Airtel Xstream app and Wynk Music, it added.

While the financial details of the deal were not disclosed, Bharti Airtel - in a regulatory filing - said the acquisition of the equity shares of investee company is done at mutually agreed pre-money enterprise valuation.

"The said valuation is not material and not disclosed herein due to reasons of confidentiality," the filing added.

Lattu Kids is the fourth company to join the Airtel Startup Accelerator Program after Voicezen, Spectacom Global and Vahan.

At over 500 million, India has the second largest number of internet users globally, driven by affordable smartphones and the lowest 4G data tariffs globally.

The company said this deep penetration of internet has led to wide adoption of online learning tools, and the trend has further accelerated after the COVID-19 pandemic forced closure of schools and adoption of virtual classrooms and digitally enabled learning.

It is estimated that in India EdTech industry will cross $2 billion in size by 2021.

"At Airtel, we aspire to support the growth of the start-up ecosystem through our digital platforms.

“And now more than ever, online education is a critical need for millions of young children who do not have access to regular classrooms.

"We believe that Lattu Kids can make a positive impact in the space of online education and are excited to have them in our accelerator and partner in their growth," Bharti Airtel chief product officer Adarsh Nair said.

Vivek Bhutyani, co-founder and CEO of Lattu Kids, said his company's Vision is to impact learning outcomes for young children in Nursery to Grade 2, and lead this category in India by using digital content, gamification and technology.

"With Airtel, we have found an equally passionate partner and our synergies in this space will allow us to scale Lattu to millions of kids in India across classes and make it a much-loved home grown EdTech brand," he added.

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