Byju's has raised $250 million (roughly Rs 2,100 crore) from its existing investors, including Qatar Investment Authority, in a fresh funding round, the edtech major said on Monday. The funding round follows Byju's recent announcement to become profitable by March 2023. "Byju's raises USD 250 million (roughly Rs 2,100 crore) in a fresh funding round. Existing investors, including QIA, (were) part of this round," the company said in a statement.
The edtech firm's founder and CEO Byju Raveendran said that the company is now at that "sweet spot" of its growth story where both the unit economics and the economies of scale are in its favour.
"This means the capital that we now invest in our business will result in profitable growth and create sustainable social impact. Regardless of the adverse macroeconomic conditions, 2022-23 is set to be our best year in terms of revenue, growth, and profitability. Continued support from our esteemed investors re-affirms the impact created by us so far, and validates our path to profitability," Raveendran said.
Byju's last week announced its path to profitability whereby it will consolidate all its K10 India subsidiaries into one unit to leverage their synergies. The move will lead to the layoff of about 2,500 people across roles.
Meanwhile, the company also plans to hire 10,000 academic staff across the globe, which will comprise about half of the hiring in India.
Aakash Education and Great Learning, which are respectively into test prep and upskilling, will continue to operate as standalone independent units. The company will now be retargeting its marketing budget towards its overseas markets. Byju's claims to have over 150 million learners accessing its products and services in more than 120 countries.
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