Facebook has been a company which always looks to improve and encourage young start ups all over the world. Lately, Facebook has been going around acquiring start ups right left and center. It seems to becoming a trend now a day’s all the big companies are increasingly buying out or making the start ups a part of their particular department.
Facebook may be blocked in China, but certainly not in India.
Turning his attention to India in a breakthrough move, Facebook founder Mark Zuckerberg is leading an investment of $50 million in a Bangalore-based education tech startup named Byju.
This is Zuckerberg’s first investment in Asia, and it’s made through the Chan Zuckerberg Initiative, the impact investment venture that Zuckerberg set up with his wife Priscilla Chan last December.
The investment is significant on its own and could lead to an upward spiral of attention from other high-profile tech founders and investors in India’s rapidly emerging startup economy.
Started by teacher and entrepreneur Byju Raveendran, Byju offers video lessons and interactive tools on a mobile app that teaches kids math and science at less cost than other services, filling a gap in the country’s educational system. The app is being used by 250,000 subscribers for an average of 40 minutes daily, and apparently works.
Participating in the groundbreaking investment were venture firms Sequoia Capital and Lightspeed Ventures as well as Times Internet.
Significantly, Vivian Wu, who heads the Chan Zuckerberg initiative, is joining the board of the Indian startup.
Look for Byju to use the new funds to expand the business in English-speaking countries
Comment below and do let us know what you think about this latest acquisition of Facebook and its very first in India.