Indian lead education company that teaches Math and Science like subjects on mobile application Byju has raised $50 million from the Chan-Zuckerberg Initiative (CZI) and four other venture capital partners to go further with their plan of expansion of becoming global.
The total amount that was raised by is $50 million in which 4 other companies are also have part in this big amount. These companies are Sequoia Capital, Belgian investment firm Sofina SA, Lightspeed Venture Partners and Times Internet Ltd.
This is the 1st Asian investment by the Chan Zuckerberg Initiative and 2nd investment from Mark Zukerberg under the name of Chan Zukerberg Initiative (CZI). Byju have made total of $75 million by the March last year in series C from Sequoia Capital and Sofina.
“We will deploy the fund to fuel international expansion and inspire additional funding from leading companied the world over,” also “This investment was done keeping a couple of things in mind, primarily to get a good partner on board who can help us connect with the international market. We have already started developing products for the international markets. It will take us 12-15 months to complete,” said Raveendram, founder of Byju’s.
"I'm optimistic about personalized learning and the difference it can make for students everywhere," Zuckerberg said on his Facebook page. Raveendram also added “In India, we are profitable already. Last month, we did more than Rs30 crore in revenue and we are growing about 15% every month. In January, we were doing Rs15 crore in revenue and we have already doubled it. This year, growth will be better than last year.”