Industry

Mark Zuckerberg’s philanthropic arm invests in Byju’s

The app has crossed more than 5.5 million downloads and 250,000 annual paid subscribers, the company added.

The app has crossed more than 5.5 million downloads and 250,000 annual paid subscribers, the company added.  

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The Bengaluru-based company has so far raised about $150 million in various rounds of funding

Education-tech start up Byju’s has raised $50 million or about Rs. 332 crore led by Chan Zuckerberg Initiative (CZI).

This is the first Asian investment from the Chan Zuckerberg Initiative — the philanthropic arm created by Facebook founder Mark Zuckerberg and his wife Priscilla Chan in 2015.

The initiative finances non-profit organisations, makes private investments and participates in policy debates focussed on making the world a better place.

The Bengaluru-based company has so far raised about $150 million in various rounds of funding. The fresh tranche of funding comes five months after it closed a $75 million (around Rs 495 crore) round from Sequoia and Sofina.

Sequoia Capital, Sofina, Lightspeed Ventures, Times Internet Ltd. are also part of the fresh round.

According to the company, the newly-raised funds will be used to expand internationally and additional funding investments from leading companies around the world.

“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,” said Vivian Wu, at Chan Zuckerberg Initiative.

As a part of the new funding Vivian Wu will join Byju’s board.

“We are excited to partner with the Chan Zuckerberg Initiative to usher in the next stage of growth at Byju’s. Our vision closely aligns with their vision of advancing human potential and promoting equality,” said Byju’s, Founder & CEO, Byju Raveendran.

Byju’s learning app launched in 2015 offers learning programs for students in classes 4-12 (K-12) and competitive exams like JEE, NEET, CAT, IAS, GRE and GMAT.

The app has crossed more than 5.5 million downloads and 250,000 annual paid subscribers, the company added.

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Printable version | Dec 12, 2019 10:04:04 PM | https://www.thehindu.com/business/Industry/Mark-Zuckerberg%E2%80%99s-philanthropic-arm-invests-in-Byju%E2%80%99s/article14628588.ece

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