Mark Zuckerberg Invests in India’s E-learning Company Byju’s Developed by FuGenX
India’s emerging e-learning company Byju’s has raised $50 million (Rs. 333 crores) from Chan-Zuckerberg Initiative (CZI), a philanthropic organization led by Facebook founder Mark Zuckerberg and his wife Priscilla Chan. Sequoia, Sofina, Lightspeed, and Times Internet are the four other partners who involved in this investment. Byju previously raised $75 million in March this year.
The investment by CZI is its first in an Asian firm. Zuckerberg announced the investment in a Facebook post on Thursday 8th September. While announcing, he said I’m optimistic about personalized learning and the difference it can make for students everywhere. That’s why it’s a major focus of our education efforts, and why we’re looking forward to working with companies like BYJU’s to get these tools into the hands of more students and teachers around the world.
The head of Zuckerberg Education Ventures Vivian Wu said Byju’s represented an opportunity to help more students develop love for learning and unlock their potential. We support innovative models of learning wherever they are around the world.
Commenting on the fund raising, Byju’s founder and CEO Byju Raveendran said we are partnering with CZI to usher in the next stage of our growth, as our vision of advancing human potential and promoting equality aligns with CZI. We will deploy the fund to fuel international expansion and inspire additional funding from leading companies across the world.
Raveendran added, “our mobile application has registered 5.5 million downloads and achieved 250,000 paid annual subscribers across the country. The app offers learning programmes for students in classes 4-12 and competitive exams like JEE, NEET, CAT, IAS, GRE and GMAT. The app is reinventing how students learn in the age of mobile devices, as our approach combines teachers, pedagogical methods and data science to deliver personalised learning, feedback and assessments for school students”.
BJYJU’S is India’s leading E-learning company, headquartered in Bangalore. The company provides multi-angle professional coaching classes for CAT, GMAT, GRE, Civil Services Examination, and school education. BJYJU’S won Deloitte Technology fast 50 awards and CNBC-TV 18 Crisil Emerging India Award in education category. With 40-miniute engagement rate per day and 90 percent of users renewing subscription, Byju’s is becoming increasingly beneficial at improving learning outcomes and popular in India’s and further global educational environment.
About Chan-Zuckerberg Initiative (CZI)
The Chan Zuckerberg Initiative is a limited liability company founded by Mark Zuckerberg and Priscilla Chan on 1 December 2015. The aim of the Chan Zuckerberg Initiative is to advance human potential and promote equality in areas such as health, education, scientific research and energy.
FuGenX’s role in Byju’s success story
We at FuGenX, India’s leading mobile application development company, helped Byju’s develop Mentor App. The app allows parents to analyse their child’s academic performances on-the-go. The app was designed by a group of IIT & IIM Alumni to serve as a tool to help parents understand their child’s academic progress in an extremely easy and efficient way. As the app made it easier for parents to analyse child’s learning activity, it encouraged a large number of parents to enrol their children to Byju’s classes. Following the remarkable growth in students’ performance and enrolling students, BYJU’S won many premiere awards, including the Deloitte Technology fast 50 awards and CNBC-TV 18 Crisil Emerging India Award (Education). Meanwhile, Mentor App achieved top ranking in Apple’s App Store. This all together encouraged investors to invest in Byju’s.