Byju's Raises $250 Million From Existing Investors in Fresh Funding Round: All Details

Byju's recently announced plans to consolidate all its K10 India subsidiaries into one unit and lay off about 2,500 employees.

Byju's Raises $250 Million From Existing Investors in Fresh Funding Round: All Details

Photo Credit: Facebook/ Byju's

Byju's fresh funding round was revealed a week after it announced plans for profitability

Highlights
  • Byju's plans to turn profitable by Mach 2023
  • The edtech firm has raised funds from existing investors
  • Byju's plans to hire 10,000 academic staff across the globe

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.


5G is here. Should you buy a 4G phone? We discuss this on Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.
Affiliate links may be automatically generated - see our ethics statement for details.
Comments

For the latest tech news and reviews, follow Gadgets 360 on Twitter, Facebook, and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel.

Further reading: Byjus, Edtech
Google Search Easter Egg for Diwali Lights Up Your Browser Ahead of India’s Festival of Lights
Share on Facebook Tweet Snapchat Share Reddit Comment google-newsGoogle News
 
 

Advertisement

Follow Us

Advertisement

© Copyright Red Pixels Ventures Limited 2023. All rights reserved.