“BYJU’s is in the final stages of discussion to close a funding round. It should be around $700 million but the final figures will be known only after the round closes,” a source said.
The transaction is taking place at an old valuation of $22 billion in the ongoing round.
An email query sent to Byju’s elicited no reply.
The company had previously raised $250 million from existing investors and Qatar Investment Authority.
The company was valued at $22 billion in the funding round of $800 million, announced in March 2022. Byju’s seeks to become profitable by the end of this month.
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The company retrenched 2,500 employees under the plan and hired 10,000 teachers for India and overseas.Byju’s booked a loss of Rs 4,588 crore for 2020-21 — 19 times more than that of Rs 231.69 crore in 2019-20. Revenues during the financial year (FY) 2020-21 dropped to Rs 2,428 crore from Rs 2,511 crore in FY20.
The company is yet to release a financial performance report for FY22.
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