Byju’s expected to secure $250 million in equity funding by April
According to sources familiar with the matter, dtech major BYJU’S is expected to secure a $250 million equity funding deal in April, valuing the company at $22 billion. The company had previously raised the same amount at the same valuation in October.
According to sources, educational technology company BYJU’S is currently in the process of raising $250 million through an equity deal. The term sheets are anticipated to be finalized within the next 2-3 weeks, and the fundraising is reportedly taking place at a constant valuation of $22 billion.
BYJU’S, when approached by PTI, chose not to provide a statement. The company’s most recent investment came from Qatar Investment Authority and existing investors, totaling $250 million. In March 2022, the company announced a funding round of $800 million, which resulted in a valuation of $22 billion. As per reports, BYJU’S is expected to conclude a $250 million equity fundraising in April.
BYJU’S has aimed to achieve profitability by the end of this month, for which they have implemented a plan that includes laying off 2,500 employees and recruiting 10,000 teachers to serve both in India and overseas. The company’s financial results for the fiscal year ending in March 2021 showed a loss of Rs 4,588 crore, which is 19 times greater than the loss in the previous fiscal year.
In the fiscal year 2020-21, the losses of the company increased to Rs 231.69 crore from the previous year’s figure. The revenue of the company also decreased from Rs 2,511 crore in FY20 to Rs 2,428 crore. However, in the following fiscal year ending in March 2022, the company’s revenue increased four times to reach Rs 10,000 crore. The company has not yet disclosed any information about its profit or loss for FY22 as it is yet to release its financial performance report.
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