Edtech major Byju’s has raised $250 million (about 2000 crores) from its existing investors in a rights issue at a valuation of $22 billion. The company, in a statement, said that Byju’s raised $250 million in a fresh funding round. Existing investors, including Qatar Investment Authority (QIA), were a part of this round.
Edtech major Byju’s has raised $250 million (about 2000 crores) from its existing investors in a rights issue at a valuation of $22 billion.
The company, in a statement, said that Byju’s raised $250 million in a fresh funding round. Existing investors, including Qatar Investment Authority (QIA), were a part of this round.
The funding round comes after Byju announced that it would be profitable by March 2023.
Byju’s founder, Byju Raveendran, in a statement, said that the company is currently at that point of growth where the economics of scale and unit economics are both in its favour, which means that if the investment of capital is made now, it will lead to profitable growth and create an impact that will sustain in the long run. He continued, saying that despite the adverse macroeconomic conditions, 2022-2023 will be Byju’s best year in terms of profitability, revenue, and growth.
Calling upon the investors, the CEO said that the continued support of the firm’s esteemed investors validates their path to profitability and reaffirms the impact they have made so far.
Notably, previously in July 2019, the Qatar Investment Agency led a $150 million round in Byju’s in which Owl Ventures had also invested in Byju’s in the same round. Aside from the two, the company is also supported by Sequoia Capital India, Chan-Zuckerberg Initiative, Silver Lake, BlackRock, Alkeon Capital Management, Sands Capital Management, Verlinvest, Tencent, Sofina, Naspers Ventures, Canada Pension Plan Investment Board (CPPIB), Tiger Global, General Atlantic, Lightspeed Venture Partners, Aarin Capital, Times Internet, and IFC.
The company last week announced that it would merge all of its K10 India subsidiaries into a single unit to strategize on synergies. Around 2,500 people will be laid off from its workforce over the next six months as a result of the move.
It may be mentioned here that the company last week announced that it would merge all of its K10 India subsidiaries into a single unit to strategize on synergies. Around 2,500 people will be laid off from its workforce over the next six months as a result of the move.
Phased layoffs are planned across product, content, media, and technology teams. The cost cuts, according to the company, will help it achieve better unit economics and lay the groundwork for its initial public offering (IPO).
Byju’s is also planning to hire around 10,000 academic staff from across the world and in which about half of the hiring will be from India
On the other hand, Byju’s is also planning to hire around 10,000 academic staff from across the world and in which about half of the hiring will be from India
The integration of its acquired businesses has been completed, including Meritnation, Toppr TutorVista, HashLearn, and Scholar into its core K–10 business over the last three years. However, Great Learning and Aakash Education, which are respectively into upskilling and test preparation, will continue operating as independent stand-alone units.
The company will now retarget its marketing budget towards its foreign markets. According to the company, it is also strengthening its inside sales team in order to convert more consumer-centric leads more efficiently and effectively.
It may be mentioned that earlier this year, Byju’s launched its hybrid learning offering, which is BYJU’S Tuition Centre (BTC). The company is now operational across the country and aims to run 500 by the end of this fiscal year.
It may be mentioned that earlier this year, Byju’s launched its hybrid learning offering, which is BYJU’S Tuition Centre (BTC). The company is now operational across the country and aims to run 500 by the end of this fiscal year.
Besides, Byju’s posted a loss from Rs. 231.69 crores in FY20 to Rs. 4,588 crores in FY21, while its total expenses increased from Rs. 2,873.34 crores in FY21 to Rs. 7,027.47 in FY20.
According to Byju’s, more than 150 million learners in more than 120 countries use its products and services.
