India-based education app developer Byju’s secured $50m yesterday in a funding round featuring Times Internet, the online services subsidiary of media firm Times Group.
Venture capital firm Sequoia Capital co-led the round with Chan Zuckerberg Initiative, the foundation launched by Facebook founder Mark Zuckerberg and his wife Priscilla Chan. It also included investment firm Sofina and VC firm Lightspeed Ventures.
The app developed by Byju’s helps children aged four to 12 learn through a combination of original educational content, video lessons and interactive activities, and can be personalised for each student. It has been downloaded more than 5.5 million times and has some 250,000 annual subscribers.
The money will go to global expansion which Byju’s hopes to support with additional funding from international investors.
Founded in 2011, Byju’s has now raised almost $160m, having secured $75m from Sequoia India and Sofina in February this year.
VC firm Aarin Capital invested $9m in the company in 2013 before Sequoia added $25m in 2015, according to news site Firstpost. Aarin exited the company to Lightspeed as part of the February round, selling a 6-7% stake for almost Rs 1.5bn ($25m), the Economic Times reported.
Satyan Gajwani, vice-chairman of Times Internet, said: “We are really excited to welcome an investment from Chan-Zuckerberg Initiative into Byju’s, 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.”