Speaking to a gathering of entrepreneurs and investors at Tech Sparks 2022 in November, Raveendran said the company, which has more than 150 million learners, is on the right path to profitability as it grows. expects tripled revenue growth and more than halved losses in fiscal ’22, as reported by PTI.
The founder of Edtech startup Byju, Byju Raveendran, is in talks to increase his stake in the company up to 40%, as reported by Bloomberg. According to reports, the founder of the world’s most valuable edtech startup is seeking funds to fund the takeover. According to estimates, this could represent 15% of the shares of the company.
In October, BYJU’S raised $250 million in a new funding round, with participation from existing investors including Qatar Investment Authority (QIA).
The new capital injection came shortly after the company announced plans to lay off 2,500 employees across all teams, while enlisting a series of “optimization measures” to achieve profitability by March 2023. For FY21, BYJU’s loss increased nearly 20-fold to Rs 4,559 crore – the worst revenue among any Indian unicorn or startup valued at $1 billion or more.
Speaking to a gathering of entrepreneurs and investors at Tech Sparks 2022 in November, Raveendran said the company, which has more than 150 million learners, is on the right path to profitability as it grows. expects tripled revenue growth and more than halved losses in fiscal ’22, as reported by PTI.
(This is a developing story)
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