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Bengaluru-based edtech startup BYJU’s has raised an undisclosed amount in funding from the investment firm International Financial Corporation (IFC), a member of the World Bank Group.
As per an official statement, the funding will enable BYJU’s to further its plans to make quality education accessible for students across the nation as well as in international markets.
Byju Raveendran, founder & CEO, BYJU’s said, “The investment from IFC recognises our commitment to create world-class learning programs that will make learning accessible for students across geographies. Today, almost 70% of our users come from outside the top 10 cities. It is encouraging to see increased adoption from 1700+ towns and cities in the country, but there is still a long way to go before we call this a learning revolution. To further accelerate our reach in the deeper parts of India, we are planning to add channel partners across the country.”
Founded in 2011 by Byju Raveendran, BYJU’s offers learning programmes for class 6-12 & test preparation for JEE, AIPMT, CAT, IAS, GRE & GMAT. It launched BYJU’s–The Learning App in 2015.
The app makes use of original content, watch-and-learn videos, rich animations and interactive simulations that make learning contextual and visual. The app adapts to the learning style of each student, inviting them to explore different concepts and suggest a learning footprint for the student, which can also address any gaps in learning. The company aims to inspire a lifelong love for learning.
Commenting on the investment, Ruchira Shukla, regional Lead, Venture Capital Investments, IFC said, “IFC’s venture capital strategy in the Edtech space is focussed on technology enabled learning platforms for academic improvement, skill development platforms as well as supplemental and low cost education solutions. BYJU’s is the market leader in the 4-12 segment offering engaging content and building concept clarity by identifying and addressing students’ learning gaps.”
Earlier in September 2016, BYJU’s raised $50 Mn funding led by the Chan Zuckerberg Initiative (CZI), which was founded by Mark Zuckerberg and Dr. Priscilla Chan, along with Sequoia Capital. The investment came in close after Sequoia India and Sofina infused $75 Mn in the company in March 2016.
Other players in this segment include Avagmah, iProf, Meritnation, Simplilearn, Englishleap, etc.
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