BYJU’s Receives IFC investment

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New Delhi: International Finance Corporation (IFC), a member of the World Bank Group, has invested $15 million (Rs. 102 crore) in equity for a minority stake in the Bengaluru-based edutech company, BYJU’s, launched by Byju Raveendran, a young Malayali entrepreneur.

BYJU’s K-12 learning app, launched in 2015, offers tuition material for students from Classes 4 to 12 and competitive exams such as JEE, NEET, CAT, IAS, GRE and GMAT.

Coming three months after the firm received a $50-million fund infusion, this new investment will help BYJU’s to expand domestically and into international markets. Having 800 employees, the company develop all the content and technology on its own.

IFC is an organisation which focuses exclusively on investments in the private sector in developing countries.

“When students use technology for learning, it triggers changes in how content gets consumed, and opens up new ways to explore concepts,” Byju Raveendran said. Seventy per cent of BYJU’s present users come from outside the top 10 cities, he added.

India has the largest K-12 education system in the world, with over 260 million enrolments.

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