According to people knowledgeable of the situation, edtech giant Byju’s is poised to finalize a $250 million equity capital deal in April at a $22 billion value. At the same value, the business had already raised $250 million in October.
“Byju’s is in the process of raising $250 million. The term sheets are expected to close in about 2-3 weeks,” a source told as per reports.
According to a different source, the funding is an equity transaction taking place at a $22 billion flat valuation.
The business most recently received $250 million from Qatar Investment Authority and current investors.
The $800 million fundraising round, which was revealed in March 2022, resulted in a $22 billion valuation for the firm.
Byju’s has set a goal to turn a profit by the end of the current month.
According to the strategy, the corporation let off 2,500 employees and hired 10,000 professors for India and other countries.
For the fiscal year that ended in March 2021, Byju’s reported a loss of Rs 4,588 crore, which is 19 times greater than the fiscal year before.
From Rs 231.69 crore in the previous fiscal year, losses increased in 2020–21.
Revenues decreased to Rs 2,428 crore in the financial year (FY) 2021 from Rs 2,511 crore in FY20.
Nonetheless, the business said that sales in the fiscal year ending in March 2022 increased by four times to Rs 10,000 crore, although it withheld information on profit or loss for that period.
A report on the company’s financial performance for FY22 has not yet been made public.
