New Delhi, Jul 9 (IANS): Edtech service provider Schoolnet on Tuesday said that it acquired private school-focused artificial intelligence (AI) edtech company Genius Teacher in an all-stock deal for an undisclosed multi-million dollar valuation.

With this acquisition, Schoolnet gets Genius Teachers’ private school market presence and innovative AI-led teacher and student apps along with growing its reach to over 10,000 private schools by FY27.

"With most companies bleeding investor money and still nowhere close to profitability, Schoolnet is an inspiration of a Make in India company and has created a huge impact in the lives of millions of teachers and students," Advitiya Sharma, CEO & Founder of Genius Teacher, said in a statement.

Schoolnet operating at scale with a revenue of Rs 429 crore and EBITDA of Rs 69 crore for FY24, the company mentioned. It provides schools with its smart-class solution and AI Apps ecosystem to improve student learning outcomes.

"We worked with Genius Teacher for more than 1 year and were impressed by their A+ Team and AI Tech capabilities, confident that they will strongly support us in our next phase of growth," said R.C.M. Reddy MD, CEO of Schoolnet India.

Genius Teacher founded by 3 IIT Bombay graduates - Sharma, along with co-founders Shashank Pachore and Ruturaj Atre - impacts nearly 2.5 million students currently, encompassing CBSE, ICSE, and 5 state boards syllabi.