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Education technology company, BYJU’s 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.
The newly raised funds will be deployed to fuel international expansion and inspire additional funding investments from leading companies around the world.
BYJU’S 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. 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.
“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.”
“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,” saysFounder and CEO, Byju Raveendran. In a survey, 79 per cent of parents said using BYJU's app improved their children’s learning dramatically, and another 17 per cent said it improved their learning significantly.
In a sector where the use of technology is still growing, 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 per cent of users renewing their subscription, BYJU’s is proving to be effective at improving learning outcomes and engaging India’s students.
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