Education technology company Byju’s, has raised a new funding round USD50 million. The round is led by Chan Zuckerberg Initiative, a foundation started by Facebook founder Mark Zuckerberg and wife Priscilla Chan. Through Chan Zuckerberg Initiative, Zuckerberg and his wife plan to deploy 99% of their wealth, estimated at over $50 billion, across private companies and non-profits. Other entities that participated in the funding round are existing backer Sequoia Capital, Sofina, Lightspeed Ventures and Times Internet Ltd.
With this round the total capital raised by Byju’s comes to over USD150 million. The last funding of USD 75 million was raised in the month of March. With two funding in the current year, Byju becomes one of the most well-funded startups in the current slow scenario. Vivian Wu at Chan Zuckerberg Initiative, who will join Byju’s board, said in an investment-
“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,”
The capital raised from this round will be used by the company for its international expansion plans. However, the immediate focus for Byju’s is to expand its user base in India, even as it starts building out product for international expansion which will take 18 months.
CEO Byju Raveendran, said in a statement:
“But our international plans will be accelerated because we have much bigger bandwidth, and if there are some special companies which can help us accelerate that process we would be looking at acquisitions,”
Byju’s Learning App is growing at 15% month-on-month and has crossed 5.5 million downloads. The application has 250,000 annual paid subscribers, having added 30,000 paid students last month. Byju’s targets students from classes 4-12 (K-12) and those taking competitive exams like JEE, NEET, CAT, IAS, GRE and GMAT