This will be the fourth major acquisition by Byju Raveendran-run company this year.
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According to sources, the Vedantu deal is currently in the advanced stage and will materialise soon after meeting the necessary regulatory approvals.
Vedantu, however, told IANS that no such “discussions have taken place with Byju’s and we are not considering anything like this.”
Byju’s was yet to officially comment on the major development in the growing online Indian edtech space.
Vedantu offers individual and group classes across K-12 and test preparation segments. Over 1.5 lakh students study live every month on the platform and more than 40 million users access free content, tests, doubts, videos on Vedantu’s platform and its channels on YouTube monthly.
Byju’s, the world’s leading edtech company, with 100 million registered students on its flagship learning app, acquired Singapore headquartered Great Learning for $600 million late last month.
The partnership marked Byju’s entry into the professional and higher education segment with a $1 billion commitment.
Edtech company Byju’s is currently India’s most valuable unicorn startup with a valuation of over $17 billion.
Last month, Byju’s acquired Epic, the world’s leading digital reading platform for kids 12 and under, for $500 million.
The big acquisition came on the heels of it buying the Aakash Institute for nearly $1 billion earlier this year.
Byju’s in August last year acquired Mumbai-based live online coding provider WhiteHat Jr in an all-cash deal worth $300 million (roughly Rs 2,246 crore).
Live online learning platform Vedantu last month announced a strategic investment in Pedagogy, an AI-enabled learning startup that provides online courses and interactive digital books for students preparing for competitive examinations.