Byju’s, the India-based learning app developer backed by media firm Times Group, has received $15m in funding from International Finance Corporation (IFC), the private investment branch of the World Bank.
Founded in 2011, Byju’s has built an app for K-12 learning that helps students learn and revise for exams. It has been downloaded almost 7 million times according to the company, and the majority of its users come from outside India’s 10 biggest cities.
The funding follows a $50m round in September this year that was co-led by Sequoia Capital and Chan Zuckerberg Initiative, with participation from Times Internet, Times Group’s internet services arm, as well as Sofina and Lightspeed Ventures.
Aarin Capital invested $9m in Byju’s in 2011 before divesting its stake to Lightspeed Venture Partners as part of a $75m round in February this year that included Sequoia India and Sofina. Sequoia had provided $25m for Byju’s in 2015.