Mark Zuckerberg’s firm to invest Rs 332.3 crore in Byju’s classes
Byju’s, a Bengaluru-based online education start-up has received $50 million (about $332.3 crore) from Chan Zuckerberg Initiative (CZI),a philanthropic organisation run by Mark Zuckerberg and his wife Priscilla Chan.
The other major investors are Sequoia Capital, Sofina, Lightspeed Ventures and Times Internet Ltd.
This is the one of the first investments of CZI, the philanthropic arm of the online social media network Facebook’s co-founder Mark Zuckerberg and his wife Priscilla Chan for Asia.
“We will deploy the fund to fuel international expansion and inspire additional funding from leading companies the world over,” said Byju Raveendran, founder and chief executive of Byju’s.
However, he didn’t reveal much about total investment by each of the investors for Byju’s first round of funding.
“Our application (K-12 app), which has registered 5.5 million downloads, has 250,000 paid annual subscribers across the country,” added Raveendran.
The app provides learning programmes for Indian school students and also for various entrance exams like JEE, NEET, CAT, IAS, GRE and GMAT.
“Our K-12 app is reinventing how students learn in the age of mobile devices, as our approach combines teachers, pedagogical methods and data science to deliver personalised learning, feedback and assessments for school students,” Raveendran said.
Oberving that Byju has done tremendous work in education to help Indian students to achieve their goals, CZI’s Vivian Wu said: “The Chan Zuckerberg Initiative supports innovative models of learning wherever they are around the world.”
Highlighting the need for investing in the India’s education technology startup, Mark Zuckerberg said he is very optimistic about the initiative.
“I’m optimistic about personalized learning and the difference it can make for students everywhere. That’s why it’s a major focus of our education efforts, and why we’re looking forward to working with companies like Byju’s to get these tools into the hands of more students and teachers around the world,” he stated in his Facebook post.
Byju’s works with students from diverse backgrounds through interactive video lessons.