BYJU’S raises $250Mn at $22Bn valuation
By MYBRANDBOOK
After recently laying off a number of employees, edtech unicorn Byju’s has raised $250 million in a new funding round from existing investors including Qatar Investment Authority (QIA) at a $22 billion valuation.
Byju’s has raised over $5 billion till date, in the form of both equity and debt capital. Byju’s is also increasing the strength of its inside sales team for more efficient and effective consumer-centric lead conversions. The firm will also hire across all levels during this financial year with plans to add a total of 10,000 teachers in the coming year.
Over the past 12 months, secondary sales of Byju’s shares have happened at a valuation between $16 and $17 billion, while all primary fundraises have happened at a valuation of $22 billion since March this year. More than $250 million was raised in primary funding during this round.
Byju Raveendran, Co-founder and CEO Byju’s said, “Byju’s is now at that sweet spot of its growth story where the unit economics and the economies of scale both 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. Continued support from our esteemed investors re-affirms the impact created by us so far, and validates our path to profitability.”
Byju’s reported a loss of Rs 4,564 crore in the 2021 fiscal. Its revenues during the year declined 3.3% to Rs 2,428 crore as it deferred about 40% to subsequent years due to its new revenue recognition model. Byju’s has also been laying off employees since the start of 2022. The company recently laid off around 2,500 employees across various subsidiaries, including Toppr, Meritnation, TutorVista, Scholr and HashLearn, for avoiding redundancies in roles.
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