Sequoia Capital, Sofina, Lightspeed Ventures and Times Internet also participated
Less than six months after raising US$75 million from Sequoia Capital and Sofina in the largest investment round by an edtech company in India, Bangalore-based Byju’s has received US$50 million more in funding.
Chan Zuckerberg Initiative (CZI) — a fund launched by Facebook Founder Mark Zuckerberg and Dr. Priscilla Chan — co-led the round, along with Sequoia Capital. Sofina, Lightspeed Ventures and Times Internet also joined the round.
The funds will be deployed to fuel international expansion and inspire additional funding investments from leading companies around the world.
“The Chan Zuckerberg Initiative supports innovative models of learning wherever they are around the world,” said Vivian Wu at Chan Zuckerberg Initiative, who will join BYJU’s Board. “Education can give young people and their families a path to a better future, and families in India work hard to give their children that chance. Byju’s represents an opportunity to help even more students develop a love for learning and unlock their potential.”
Founded by Byju Raveendran in 2011, Byju’s offers learning programmes that are effective and engaging for class 6-12 and test preparations. Its learning approach combines teachers, proven pedagogical methods, data sciences and Machine Learning to deliver personalised instruction, feedback and assessment for each student.
The app makes use of original content, watch-and-learn videos, rich animations and interactive simulations that, as opposed to rote memorisation, make learning contextual and visual. It can adapt to the unique learning style of each student, inviting them to explore different concepts and suggest a learning footprint for the student that can also address any gaps in learning.
To date, Byju’s app has clocked 5.5 million downloads and reached 250,000 annual subscribers across India. The app has an average engagement rate of 40 minutes per day and 90 per cent of users renew their subscription.
CZI aims to advance human potential and promote equality. In support of this mission, CZI funds non-profit organisations, makes private investments and participates in policy debates, with the goal of making the world a better place for future generations.
Byju’s is CZI’s first investment in Asia.
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