Educational website Byju’s gets $15million investment for World Bank arm IFC
Bengaluru,Dec21: IFC, a financial institution that’s part of the World Bank group, has invested in education venture Byju’s. According to IFC’s website, it has invested $15 million (Rs 102 crore) in equity for a minority stake in the Bengaluru-based company. Byju’s is expected to use the funds to expand domestically and into international markets. TOI had reported in July that Byju’s was in talks with IFC for funding.
Ruchira Shukla, regional lead, venture capital investments at IFC, said education is an important sector for IFC, given its critical role in driving economic and social development in India.
“IFC’s venture capital strategy in the edu-tech space is focused on technology-enabled learning platforms for academic improvement, as well as low-cost education solutions,” she said.
The IFC investment comes close on the heels of a $50-million round in which funds came from Sequoia Capital, Sofina, Times Internet, Lightspeed Ventures and the Chan-Zuckerberg Initiative (CZI). The last is an initiative of Facebook founder Mark Zuckerberg and his wife Priscilla Chan and has the objective of advancing human potential and promote equality, make private investments and participate in policy debates. The investment in Byju’s was CZI’s first investment in Asia.
Byju’s has so far raised $155 million.