According to Bloomberg, which cited people with knowledge of the situation, Byju’s founder Byju Raveendran is considering a share repurchase agreement that could increase his ownership in the Indian edtech behemoth to almost 40%.
To buy back up to 15% of the business, Raveendran plans to raise money. Byju’s was most recently valued at roughly US $22 billion, although the sources indicated that the repurchase may proceed at a lesser valuation.
The share repurchase, however, is still in the early stages of talks, so a deal could not go through.
The change comes after the company raised US $250 million in October 2022, just days after it let go of 2,500 workers, or 5% of its whole staff. Additionally, Byju’s stated that it will achieve total profitability by March of this year.
Additionally, Raveendran stated that the company’s “greatest year in terms of sales, growth, and profitability” will be from 2022 through 2023.