Edtech major BYJU’S has raised $250 million (about Rs 2,000 crore) from its existing investors, including Qatar Investment Authority, the company said on Monday.
The funding round follows BYJU’s recent announcement of becoming profitable by March 2023. “BYJU’S raised $250 million in a new funding round. Existing investors (including QIA) were part of this round,” the company said in a statement.
Byju Raveendran, Founder and CEO, Byju’s, said the company is now at the sweet spot of its growth story with both unit economics and economy of scale on its side.
“This means that the capital we invest in our business now will drive profitable growth and create lasting social impact. Despite unfavorable macroeconomic conditions, 2022-23 will be our best year in terms of revenue, growth and profitability. The continued support from our esteemed investors reaffirms the impact we have made so far, and validates our path to profitability,” said Mr. Raveendran.
The company last week announced its path to profitability, where it will consolidate all its K10 India subsidiaries into a single entity to take advantage of their synergies.
The move will result in layoffs of around 2,500 people in various roles.
Meanwhile, the company also plans to hire 10,000 academic staff across the globe, which will comprise almost half of the recruitment in India.
Aakash Education and Great Learning, which are into test preparation and upskilling respectively, will continue to operate as standalone independent units. The company will now re-target its marketing budget towards its overseas markets.
BYJU’S claims that more than 150 million learners in over 120 countries are accessing its products and services.