BYJUs, India ed-tech startup has, in a new round of funding raised USD 50 Million. This funding was led by Mark Zuckerberg through his Chan-Zuckerberg Initiative, managed by Mark and his wife Priscilla Chan.
BYJUs, has now raised a total capital of USD 150 Million subsequent to the second round in which initial investors Sequoia Capital, Lightspeed Ventures and Sofina also participated in addition to Mark Zuckerberg who has made his first investment in Asia.
This investment comes after six months of BYJUs first capital influx of USD 75 Million. Incorporated as Think & Learn Pvt Ltd, BYJUs provides tuition for students up to 12th Standard through its app. This round of funding has made BYJUs the most funded tech startup, and that too, with a wide margin.
Unlike in 2015 when funding was more about participating in growth and market share, this year the venture capitalists are more careful and are focused on profitability.
Founded by Byju Raveendran, the model is focused on providing learning and education growth through tech and as per Vivian Wu of the CZI who will be part of BYJUs board, “Chan Zuckerberg Initiative supports learning models throughout the world. Education can give better future paths to students and their families. Indians work hard to give their children a better education and BYJUs represents and opportunity to help even more students develop a better future.
Source: VC Circle