BYJU'S raises $250 mn in fresh funding round
Edtech major BYJU'S on Monday announced that it raised $250 million from its existing investors in a fresh round of funding.
New Delhi, Oct 17 (IANS) Edtech major BYJU'S on Monday announced that it raised $250 million from its existing investors in a fresh round of funding.
BYJU'S said it has embarked on a path to achieve group-level profitability by March 2023 with a three-pronged approach.
It consolidates all its K10 India subsidiaries into one unit to leverage their synergies.
"BYJU'S is now at that sweet spot of its growth story where the unit economics and the economies of scale both are in its favour. This means the capital that we now invest in our business will result in profitable growth and create sustainable social impact," Byju Raveendran, Founder and CEO of BYJU'S, said in a statement.
"Regardless of the adverse macroeconomic conditions, 2022-23 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," Raveendran added.
Aakash Education and Great Learning, respectively into test-prep and upskilling, will continue to operate as stand-alone independent units.
Having already become one of India's most popular consumer brands, BYJU'S will now be retargeting its marketing budget towards its overseas markets, the platform said.
The group is also increasing the strength of its inside sales team for more efficient and effective consumer-centric lead conversions.
In line with its long-term strategic plan, BYJU'S launched its hybrid learning offering BYJU'S Tuition Centre (BTC) in 2022 to bring the best of online and classroom teaching to students.
The platform said that, currently, there are over 250 active BTCs across India and the company aims to scale it up to 500 centres by the end of this financial year.
News BY IANS (Indo-Asian News Service)
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