The edtech startup company BYJU’S has revealed that it has secured $250 million from its current investors, including QIA, in a new round of fundraising. The business kept the valuation of this round of fundraising a secret.
BYJU’S secured $800 million in capital in March 2022, of which $400 million came from Byju Ravindran, the company’s creator, as a personal investment. At that time, the corporation was worth $22 billion. Although the corporation would not confirm it, certain media sources said that the current fundraising was likewise flat at a valuation of $22 million.
Byju Raveendran, the founder and CEO of BYJU’S, stated in a message issued by the business that the firm had reached a point in its development narrative when both unit economics and economies of scale favored it. This signifies that the money we are investing in our company will lead to profitable expansion and long-lasting social impact. The years 2022–23 is expected to be our greatest ones in terms of revenue, growth, and profitability despite the unfavorable macroeconomic environment. The ongoing support of our prestigious investors confirms the effect we have already had and verifies our route to profitability.
The edtech business has previously stated that it plans to use “a three-pronged strategy” to reach group-level profitability by March 2023. To take advantage of their collaboration, it is merging it’s all K10 India businesses into a single company. Test preparation and upskilling businesses Aakash Education and Great Learning will continue to run separately. The marketing budget of BYJU’S will be redirected to foreign markets. The company claimed that in order to convert leads more effectively and efficiently with a focus on the customer, it is also bolstering its internal sales force.
5% of BYJU’S employees will be laid off from its product, content, media, and technology divisions, the company just said This. According to a press release this is done to prevent job overlap and redundancy.
According to the corporation, the group had rapid expansion in FY22, with the core K-12 business rising by more than 150% and group companies Aakash Education and Great Learning seeing revenue growth of more than 100% since acquisition. The business claimed to have the “best in industry” net promoter score of 70 and an annual retention renewal rate of 80%. More than 150 million people worldwide use BYJU’S.
Think and Learn Pvt. Ltd., a business founded in 2011 by Byju Raveendran, Divya Gokulnath, and other students, created Byju’s app. Byju, an engineer by education, has been teaching math to pupils since 2006. Early on, the firm concentrated on providing online video-based learning courses for competitive examinations and the K–12 market. The company first got limelight in the Deloitte Technology Fast 50 India and Asia Pacific rankings in 2012 and has continued to do so ever since.
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