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Edtech giant Byju’s may be in talks with Abu Dhabi’s sovereign wealth fund and existing investors to raise $50-600 million (Rs 41-49 billion). business standard Report Citing sources.
“Byju’s valuation has not changed. The new fundraising process is still ongoing,” a person familiar with the matter told the publication.
The Department of Health was unable to independently verify the report.
In its final funding round announced last week, Byju’s raised $250 million (approximately Rs 2,000 crore) from existing investors including Qatar Investment Authority.
The company aims to be profitable by March 2023 and has consolidated all its K10 India subsidiaries into one unit to capitalize on its synergies. The move will result in the layoff of about 2,500 employees in various positions.
However, the company also plans to recruit 10,000 academic staff globally, which would account for about half of India’s recruitment.
Byju recorded a loss of Rs 4,588 crore for the financial year ended March 31, 2021, 19 times the previous financial year.
Losses in 2020-21 widened from Rs 2,316.9 crore in 2019-20. Revenue in FY21 fell to Rs 2,428 crore from Rs 2,511 crore in FY 20.
But for the financial year ending March 31, 2022, the company said revenue soared fourfold to Rs 10,000 crore, without disclosing profit and loss figures for the year.
(with institutional input)
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