Jobaaj Stories
As per the Report from Financial Express, Byju’s, an Ed-tech startup is about to raise $700 million based on a valuation of $22 billion.
Byju has a target of becoming the most profitable by the end of the month. The company is said to have laid off 2500 employees and hired 10,000 more teachers for its market area.
Byju's reportedly faced a loss of about Rs. 4588 crores and a drop in revenue to Rs. 2428 crore in 2021.
However, last year company’s revenue soared and reached Rs. 10,000 crores (actual profit or loss numbers not revealed)
Based on Information in Tracxn Data, the last fundraising at a $250 million funding round was led by Qatar Investment at a valuation of $22 billion in November.
This capital infusion can help ed-tech to unburden itself of previous debt. Based on one of the provisions in the agreement, at least $400 million is to be set aside for paying the debt.
As per sources, large private equity and West Asia-based sovereign wealth firms led a fresh funding round with a few existing investors. It also involved separate deals of equity and convertible notes.
Accordingly, Final figures won't be known until the funding round closes, which is currently in its final stages.
- Kratika Agarwal
Also, Ajay Goel, who resigned as CFO of Vedanta has joined Byjus.
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