Mark Zuckerberg and Priscilla Chan got 7X return on their investment in this Indian startup
Chan Zuckerberg initiativeinvested in Byju’s in September 2016.
- Almost four years later, the husband wife duo have made seven times their investment of ₹22.86 crore.
- Byju’s recently raised $200 million from Tiger Global at a $8 billion valuation.
“I’m optimistic about personalized learning and the difference it can make for students everywhere. That’s why it’s a major focus of our education efforts, and why we’re looking forward to working with companies like BYJU’s to get these tools into the hands of more students and teachers around the world,” Zuckerberg had then said.
According to reports, the Chan Zuckerberg initiative took home ₹167.7 crore through a partial exit. Though this is the only investment by the initiative in India, Facebook has invested in startups like Meesho.
Byju’s however can be counted as their best bet till date. The startup founded in 2011, is amongst India’s top three unicorns. In January 2020, the edtech startup raised $200 million from Tiger Global at a $8 billion valuation. The same deal also gave handsome returns to Sequoia, Times Internet and SCHF PV Mauritius.
Byju’s is one of those rare unicorns which reported a profit of ₹20 crore in FY19. The startup also cut down its losses by over 76% to ₹8.8 crore in from ₹37.1 crore in FY18. Its profitability comes from its high paid user base which now stands at 2.8 million.
“The growth in revenue was fuelled by deeper penetration across India and significant growth in the number of paid subscribers,” the company said.
Disclaimer: Business Insider is part of Times Bridge, which is an entity of Times Internet
Popular on BI
- 911 dispatchers say skiers are accidentally setting off Apple's new crash-detection technology without realizing, triggering emergency calls
- BHEL among 5 bidders for Rs 58,000 cr deal to manufacture, maintain 200 Vande Bharat trains
- Indian markets open marginally lower amid weak global cues – PB Fintech, Maruti Suzuki, Tata Motors, M&M, Bajaj Auto and other stocks in focus
- Bahamas, Taiwan, Malta & more: Here are 10 countries offering digital nomad visa
- Maruti Suzuki cars will get costlier from January 2023
- Paytm’s optimistic growth projections boost sentiments, shares climb nearly 8%
- India stands like oasis in era of uncertainty amid global inflation, says SBI Research
- Personal loans fintech platform KreditBee raises $80 million in Series-D investment round