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…
Please subscribe to MediaNama. Don't share prints and PDFs.
You May Also Like
News
Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...
Advert
135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...
News
By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...
News
Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...