BYJU’s receives £219m from investors

EDTECH major BYJU’S raised $250 million (£219m) from its existing investors, including Qatar Investment Authority, as it aims to become profitable by March 2023.

“This means the capital that we now invest in our business will result in profitable growth and create sustainable social impact. Regardless of the adverse macroeconomic conditions, 2022-2023 is set to be our best year in terms of revenue, growth and profitability.

Continued support from our esteemed investors re-affirms the impact created by us so far, and validates our path to profitability,” said the founder and CEO Byju Raveendran. The company last week announced its path to profitability, whereby it will consolidate all its K10 India subsidiaries into one unit to leverage their synergies.

The move will lead to the lay-off of about 2,500 people across roles.

Meanwhile, the company also plans to hire 10,000 academic staff across the globe, comprising about half of the hiring in India. BYJU’S claims to have over 150 million learners accessing its services in more than 120 countries.