Byju's Raises $250 Million From Existing Investors With this funding round, Byju's total fundraise since its inception in 2013 moves close to $6 billion, in which half of it spent for acquisitions and strategic investments in 18 to 20 startups
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Edtech company Byju's, on Monday, has raised $250 million in a fresh funding round. The fund round witnessed the participation from existing investors including Qatar Investment Authority (QIA), Sequoia Capital, Tiger Global, Tencent, Naspers General Atlantic, Lightspeed and many other undisclosed names. As per reports, the fundraise comes in line with the company's announcement to lay off 2500 employees across teams, while enlisting a slew of optimization measures to profitability by March 2023.
"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. Regardless of the adverse macroeconomic conditions, FY23 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," said Byju Raveendran, founder and CEO, Byju's, in a statement.
According to reports, with this funding round, Byju's total fundraise since its inception in 2013 moves close to $6 billion, in which half of it spent for acquisitions and strategic investments in 18 to 20 startups. The reports also stated that Byju's has moved to clear its debt and other balances in recent months by clearing all its dues to Blackstone by paying $234 million. The edtech firm also generated a gross revenue of $1.258 billion in the FY22.
Regarding the layoffs, consolidation and other cost-cutting measures, in last week, Byju's reportedly said that, "These steps are also meant to prepare a path towards a stellar listing eventually as the world's largest edtech company that has turned profitable, eventually."