Byju's, edtech major, has started a fundraising round to garner around USD 700 million (about Rs 5,750 crore), according to sources aware of the development.
Another source stated that the company anticipates closing a fundraising round of about USD 250 million soon and completing the entire funding round in about two weeks.
Byju's funding round
"Byju's is in the final stages of discussion to close a funding round. It should be around USD 700 million but the final figures will be known only after the round closes," a source said.
The transaction is taking place at an old valuation of USD 22 billion in the ongoing round. An email query sent to Byju's elicited no reply.
Previously raised USD 250 million
The company had previously raised USD 250 million from existing investors and Qatar Investment Authority.
In the funding round of USD 800 million that was announced in March 2022, the company was valued at USD 22 billion. By the end of this month, Byju's aims to turn a profit.
According to the plan, the company laid off 2,500 employees and hired 10,000 teachers for India and other countries.
Byju's booked a loss of Rs 4,588 crore for 2020-21, 19 times more than that of Rs 231.69 crore in 2019-20. Revenues during the financial year (FY) 2020-21 dropped to Rs 2,428 crore from Rs 2,511 crore in FY20.
The company is yet to release a financial performance report for FY22.
With inputs from Agencies.
