BENGALURU: Edtech company BYJU'S on Monday announced that it raised $250 million in a fresh funding round from its existing investors including QIA (Qatar Investment Authority).
It said that both unit economics and economies of scale are in its favour.
Byju Raveendran, Founder and CEO of BYJU’S, said, “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, 2022-23 is set to be our best year in terms of revenue, growth and profitability."
Recently, the edtech company fired 2,500 employees, and said its top priority is to achieve profitability by March 2023.
It is now focusing more on inside sales, using video calling platforms that in turn will reduce operational costs. "Multiple inside sales hubs will now be created across India from where BYJU’S sales associates will reach out to incoming leads through calls, email, and Zoom meetings. Inside sales will lead to higher customer satisfaction and lower costs," the company said.
It is also consolidating its K10 India subsidiaries into one unit to leverage their synergies. Aakash Education and Great Learning, which are into test-prep and upskilling, respectively, will continue to operate as stand-alone independent units.
BYJU’S is also retargeting its marketing budget towards its overseas markets.
The edtech company launched its hybrid learning offering BYJU’S Tuition Centre (BTC) in 2022, and currently, there are over 250 centres across the country. It aims to scale it up to 500 centres by the end of this financial year.
After almost 18 months delay, BYJU'S parent Think and Learn disclosed its financial results for FY21 in September 2022. It reported a consolidated loss of Rs 4,589 crore in FY21, up from over Rs 260 crore in the previous fiscal. The group's revenue in FY21 stood at Rs 2,428 crore.
At present, BYJU’S has over 150 million learners in over 120 countries.