Sep, 09 2016

Byju gets $ 50mn backing from Chan Zuckerberg Initiative & others

The company is planning to utilise the amount in beefing up its presence internationally. With this round, CZI also makes its way to the Asian market by opening its vault for the first Asian startup.

By Franchise India Bureau
Byju gets $ 50mn backing from Chan Zuckerberg Initiative & others

In its recently concluded funding round, Byju has managed to secure US $50 million funding. The round was co-headed by Mark Zuckerberg’s and Priscilla Chan’s investment arm The Chan Zuckerberg Initiative (CZI) and Sequoia Capital and was followed by other investors such as Sofina, Lightspeed Ventures, and Times Internet Ltd.

Pumped-up by the funding round, the company is planning to utilise the amount in beefing up its presence internationally. With this round, CZI also makes its way to the Asian market by opening its vault for the first Asian startup.

It was only in March this year that the startup had raised a heavy round of US $75 million from Sequoia Capital and Sofina. Further, it was reported that the company was looking to close this round in July. The startup deals in simplifying the entire learning process for the students by using original content, engaging video lessons and conducting interactive sessions.

Company claims that its app is rapidly gaining popularity among the students and it is growing at a monthly rate of 15 per cent. As per the company’s official data, till June 2016, its revenue has touched Rs 30 crore mark.

Shedding some light on the investment, Vivian Wu from the Chan Zuckerberg Initiative, who will join Byju’s board, said that the Chan Zuckerberg Initiative supports innovative models of learning wherever they are around the world. Byju's represents an opportunity to help even more students develop a love for learning and unlock their potential.

Elaborating further on the round, Byju Raveendran, CEO & Founder, Byju stated that the company is excited to partner with the Chan Zuckerberg Initiative to usher in the next stage of growth at Byju's. brand’s vision closely aligns with their vision of advancing human potential and promoting equality.

Related: Ace Tutorials seeks franchise expansion

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