Chan-Zuckerberg Initiative Leads Investment of $ 50 million In Education Startup Byju’s
10th September 2016Category : EducationPublished by :Rahul Verma Reading Time : 3 Minute News Sourced : India
Education startup Byju’s has raised around $ 50 million (Rs 332 Cr ) from series of investors Chan Zuckerberg Initiatives (CZI), Sequoia Capital, Sofina, Lightspeed Ventures and Times Internet Ltd.
It is the first investment of CZI which was founded by Facebook founder Mark Zuckerberg and his wife Priscilla Chan, in Asia.
The Chan Zuckerberg Initiative supports innovative models of learning wherever they are around the world," said CZI's Vivian Wu, who will join Byju's board. Byju's represents an opportunity to help even more students develop a love for learning and unlock their potential, he avert.
In past, the company had elevated $9 million from Aarin Capital in 2013, followed by Series B funding of USD 25 million from Sequoia Capital last year. The company has registered profitable run in India with an month-on-month growth of 15 per cent.
The Byju’s target audience are students and it promotes online study with original content, video lessons and interactive activities for students in classes 4-12 (K-12) and competitive exams like JEE, NEET, CAT, IAS, GRE and GMAT. Byju’s app has recorded over 5.5 million download and has reached 2.5 lakh annual subscribers across India.
"Our vision closely aligns with their vision of advancing human potential and promoting equality," Byju's founder and CEO Byju Raveendran said.
''Our vision closely aligns with their vision of advancing human potential and promoting equality. Looking forward to create a revolution in the way millions of students learn, added Raveendran''.
The CZ post on Facebook page reveled:
Education has the power to unlock potential and improve lives all across the globe. That’s why entrepreneurs are trying to solve a complex problem: How can you get great, innovative education and learning opportunities into the hands of more people so that all can benefit from them?
We’re excited to partner with BYJU's, an innovative company that leverages technology to provide many more families with engaging personalized learning experiences that, too often, only the lucky few are able to access.