The Chan-Zukerberg Initiative (CZI) is making their first investment in Asia in Bengaluru based Byju’s. Chan-Zukerberg Initiative is founded by Mark Zukerberg and his wife, Priscilla Chan. Byju’s in India’s leading educations technology provider. They announced about raising $50 million (Rs. 333 crores) from Chan-Zukerberg Initiative and four venture capital partners to fund its expansion plans. The four partners are Sequoia, Sofina, Lightspeed, and Times Internet.
The company has already raised $150 million in various rounds of funding.
“We will deploy the fund to fuel international expansion and inspire additional funding from leading companies the world over,”
said Byju’s founder and Chief Executive Byju Raveendran in a statement in Bengaluru.
Byju’s didn’t reveal the actual amount of investment made by CZI. The K-12 application is helping students in classes 4-12 through its learning programs. Byju’s learning app is just one-year-old, and it offers learning programs for competitive exams like JEE, NEET, CAT, IAS, GRE and GMAT. The app has already crossed 5.5 million download and it has more than 250000 paid annual subscribers.
“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 personalized learning, feedback and assessments for school students,”
“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.
We are partnering with CZI to usher in the next stage of our growth, as our vision of advancing human potential and promoting equality aligns with it (CZI), added Raveendran.
Satyan Gajwani, vice-chairman of Times Internet, said:
“Byju and team are democratizing access to high quality education. Times have always believed in the power of digital education and its potential social impact for India. We are excited to join him in his journey, along with Mark and others.”