Bangalore-based education tech startup Byju’s Learning has raised an undisclosed amount in funding from the International Finance Corporation (IFC), an investment arm of the World Bank, reports the Mint. According to an older filing on the IFC website, the agency was planning a $15 million investment for a minority stake in the ed-tech startup.
Byju has not yet commented what it will use the funding for. Note that the current funding comes within 3 months of the company’s $50 million funding from the Chan Zuckerberg Initiative (CZI), Sequoia Capital, Sofina, Lightspeed Ventures & Times Internet. At the time, Byju said that it would use the funding to expand internationally. It had previously also raised $75 million from Sequoia Capital and Sofina in March this year.
The startup, which was founded in 2008 by Byju Raveendran, offers animated video lessons, online tests with feedback, and a customizable testing/learning module along with an Android and iOS app. It currently offers lessons for students from standard 6 to 12 as well as for CAT, IAS, GRE, and GMAT aspirants.
Currently, the company claims that its mobile app has seen over 5.5 million downloads, and around 250,000 paid annual subscribers. Operating in India and the Middle East, it plans to expand to US, UK and other Commonwealth countries in the future. The company mentions that it has an average engagement rate of 40 minutes per day per user, with over 90% of users renewing their subscriptions.
The e-learning space in India has rapidly expanded in the last couple of years. From initiatives like Google’s Internet education program for rural women, to Amazon India’s Exam Central which lists solved papers and articles from academicians for entrance exams, the sector has seen a wide range of services being launched in this time. Indian edtech startups to raise funding in this period include Jigsaw Academy, CollegeDekho, S Chand, Smartivity Labs and Schoolguru among others.