Ed-Tech start-up Byju’s raises 15 million from World Bank arm IFC

Education technology start-up Byju’s, owned by Think and Learn Pvt. Ltd, has raised $15 million from International Finance Corporation (IFC), the World Bank’s private-sector investment arm.

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This partnership will enable BYJU’s to further its plans to make quality education accessible to students across the nation as well as in international markets, International Finance Corporation (IFC) said in a statement.

In September, BYJU’s had raised $50 million (about Rs. 32.3 crore) from a clutch of investors led by the Chan Zuckerberg Initiative (CZI) and Sequoia Capital.

“Education is an important sector for IFC. IFC’s venture capital strategy in the education technology space is focused on technology enabled learning platforms for academic improvement, skill development platforms as well as supplemental and low cost education solutions,” Ruchira Shukla, regional lead, venture capital investments at IFC, said in a statement.

Byju’s has created a K-12 application, that enables students to become self-paced learners, offering students across geographies access to high quality teachers, the app aims to democratise personalised learning for students. Today, almost 70 per cent of Byju’s users come from outside the top 10 cities, and over 1700 towns and cities in the country, Byju Raveendran, Founder and CEO of Byju’s said.

IFC’s venture capital team has also invested in Bridge International Academics, the world’s largest chain of low-cost nursery and primary schools, and Coursera, an education technology company offering massive open online courses. India is IFC’s top country exposure, globally.