BYJU's raises $50 million from Chan-Zuckerberg Initiative, Sequoia, Sofina, Lightspeed & Times Internet

BYJU's raises $50 million from Chan-Zuckerberg Initiative, Sequoia, Sofina, Lightspeed & Times Internet

Author | exchange4media News Service | Friday, Sep 09,2016 8:10 AM

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BYJU's raises $50 million from Chan-Zuckerberg Initiative, Sequoia, Sofina, Lightspeed & Times Internet

BYJU’s has announced that it has raised $50 million to expand its learning app to more students. The Chan Zuckerberg Initiative (CZI), which was founded by Mark Zuckerberg and Dr. Priscilla Chan co-led the investment with Sequoia Capital, along with Sofina, Lightspeed Ventures & Times Internet Ltd. This is the first investment from the Chan Zuckerberg Initiative in Asia.

 BYJU’S, creator of K-12 learning app, is reinventing how students learn in the age of mobile devices. BYJU’s learning approach combines world-class teachers, proven pedagogical methods, innovative technology and data science to deliver personalized learning, feedback and assessment for students in classes 4-12.

 “The Chan Zuckerberg Initiative supports innovative models of learning wherever they are around the world,” said Vivian Wu at Chan Zuckerberg Initiative, who will join BYJU’s board. “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.”

 BYJU’s is using original content, engaging video lessons and interactive activities to personalize learning for each student. It has been designed to adapt to the unique learning style and pace of every student. In a survey, 79 percent of parents said using BYJU's app improved their children’s learning dramatically, and another 17 percent said it improved their learning significantly.

 “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,” says Founder and CEO, Byju Raveendran.

 In a sector where the use of technology is still growing, BYJU’s has stood out with its phenomenal growth. To date, BYJU’s app has been downloaded more than 5.5 million times and reached 250,000 annual subscribers all across India. With an average engagement rate of 40 minutes per day and 90 percent of users renewing their subscription, BYJU’s is proving to be effective at improving learning outcomes and engaging India’s students.

BYJU’s founder, Byju Raveendran, was born to parents who were both teachers and hails from Azhikode, a small village in Kerala. His love for numbers began early and he learnt math and science mostly on his own. He realizes the importance of children getting the fundamentals right in their formative years. “Once children fall in love with learning, they will start learning on their own. That’s why BYJU’s products are built in ways that inspire children to take initiative and learn on their own,” Byju said.

 Newly-raised funds will be deployed to fuel international expansion and inspire additional funding investments from leading companies around the world.

 GV Ravishankar, Managing Director, Sequoia Capital India Advisors and BYJU’s board member, said, “We are delighted to have CZI and other companies partner with us to help BYJU’s expand opportunity for more young people. Over the last few years, the team has worked hard to make high-quality education accessible across the country, and we are proud to have students from across 1400+ towns learning through the product. We are amazed by their continued growth and are excited to be part of their journey.”

 “We are really excited to welcome an investment from Chan-Zuckerberg Initiative into BYJU, as the company continues on its mission of empowering everyone who aspires to learn. Together, the platforms will enable greater reach for a high quality product developed by a great team” said Satyan Gajwani, Vice Chairman, Times Internet

 “Lightspeed has invested in education technology companies in the US, China and India,” said Dev Khare, Managing Director, Lightspeed India Partners Advisors. “Amongst all these companies globally, Byju’s market leading education offering is unique and transformational because it is specifically geared with a differentiated pedagogy to the needs of India’s 250 million students,” he added.

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