Byju''s has raised $250 million from its current investors, including Qatar Investment Authority, in a fresh funding round. The funding round follows Byju''s recent announcement to become profitable by March 2023. "Byju''s has raised USD 250 million (roughlyRs 2,100 crore) in a fresh funding round. The company''s current investors, including QIA, were (were) part of this round," the company said in a statement.
Byju Raveendran, the founder and CEO of the edtech company, said that the company is now at the "sweet spot" of its growth story, where both the unit economics and the scale economies are in its favor.
"This means that the capital we now invest in our business will result in profitable growth and long-term social impact." 2022-23 is set to be our best year in terms of revenue, growth, and profitability, regardless of the adverse macroeconomic circumstances. After continuing support from our valued investors, Raveendran said.
Byju''s last week announced its path to profitability, putting all of its K10 India subsidiaries in one form to benefit from their synergies. This move will result in a layoff of 2,500 people across roles.
Besides, the company intends to employ 10,000 academic personnel across the globe, which will cover half of its employment in India.
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Aakash Education and Great Learning, both into test prep and upskilling, will continue to operate as standalone independent units. The company is now reorienting 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.