Chan Zuckerberg Initiative (CZI) , founded by Mark Zuckerberg and his wife Priscillia Chan makes its first investment in Asia. And it chose an Indian ed-tech company, Byju’s. The investment is for Bengaluru- based Byju’s learning app. CZI will co-invest $50 million along with Sequoia Capital, Sofina, Lightspeed Ventures and Times Internet.
Mark Zuckerberg announced this news on FB with a post.
This round stands the company’s valuation at around $500 million. Byju’s will use the funds from last two funding rounds in expansion to English-speaking countries and international acquisitions.
Chan Zuckerberg Initiative is an initiative announced earlier this year, to put 99% of the wealth of the Facebook founder and his wife, estimated at over $50 billion, across private companies and non-profits working towards advancing human potential and promoting equality. The fund recently participated $24 million round in Andela, a Nigeria-based company that trains and deploys software developers.
“Education can give young people and their families a path to a better future, and families in India work hard to give their children that chance. Byju’s represents an opportunity to help even more students develop a love for learning and unlock their potential,” said Vivian Wu of Chan Zuckerberg Initiative in a statement. She will be joining the board of Byju’s.
With this development, the entire ed-tech startup ecosystem is optimistic.