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Byjus Raises $250 M In Fresh Funding Round
Byjus an ed-tech major raises $250 million from existing investors and Qatar Investment Authority. It aims to make the group profitable by this step
Photo Credit :
Byjus CEO Raveendran
Byjus raises $250 million which is around INR 2000 crore ( USD 1= INR 82.36) in a fresh funding round by their existing investors including Qatar Investment Authority (QIA). The company said in a press statement that Byjus aims to achieve group-level profitability by March 2023 with a three-pronged approach.
"Byjus raises $250 million in a fresh funding round. Existing investors including QIA were part of this round.” Said in a statement by the company.
“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 our best year in terms of revenue, growth and profitability. Continued support from our esteemed investors re-affirm the impact created by us so far and validates our path to profitability” said Raveendran CEO of Byjus.
Recently Byjus announced laying off 2,500 employees across all the roles. It also declared to make its k10 subsidiaries work under one umbrella and let Akash, Great Learning work as a standalone entity.