BYJU’S secures $250M in a fresh funding round
- ByStartupStory | October 18, 2022
BYJU’S, an ed-tech business, has announced that it has secured $250 million in a new investment round from previous investors, including QIA. The valuation for this round of fundraising was not disclosed by the business.
By March 2022, BYJU’S had raised $800 million in capital, $400 million of which came from the company’s creator, Byju Raveendran, as a personal investment. The corporation was valued at $22 billion at the time. According to many media sources, the latest fundraising was also valued at a flat $22 million, albeit the company has not verified this.
“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 favor. 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 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, of BYJU’S.
The edtech company revealed last week that it plans to attain group-level profitability by March 2023 using a three-pronged strategy. It is combining all of its K10 India businesses into a single entity to capitalize on synergies. Aakash Education and Great Learning, which specialize in exam preparation and upskilling, will continue to function as separate entities. BYJU’S will refocus its marketing expenditure on international markets. The company also stated that it is increasing its internal sales force in order to convert more consumer-centric leads more efficiently and effectively.
Fast growth was recorded at the group level in FY22, claims the company, with its core K-12 business expanding more than 150% and group companies Aakash Education and Great Learning tripling their sales since purchase. According to the corporation, it has an industry-leading net promoter score of 70 and an annual retention renewal rate of 80%. BYJU’S has over 150 million students in over 120 countries.
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