While all primary fundraises have occurred at a valuation of $22 billion, the secondary sales of Byju’s shares have occurred at a valuation between $16 and $17 billion.
Synopsis:
- Qatar Investment Authority (QIA), a sovereign fund, took part in the round.
- The announcement of Byju’s plans to optimize its operations was followed by a new round.
Summary
The most valuable startup in India is receiving more funding in an effort to turn a profit after suffering losses and layoffs.
Byju’s has recently announced becoming an official sponsor of FIFA world cup Qatar 2022.
As the Indian EdTech, Byju’s attempts to negotiate the market slump that has compelled the company to delay its initial public offering and slash thousands of jobs, it has raised $250 million in additional capital from current backers. The business with its headquarters in Bangalore was valued at $22 billion in the latest round of fundraising, the same amount at which it secured funds in March of this year.
Qatar’s sovereign fund, Qatar Investment Authority, joined in the round, which is India’s most valued startup. It did not mention any further backers. To put together a new round, the startup was interacting with existing sovereign funds. In order to strengthen its finances and turn a profit, Byju plans to decrease its marketing budget and eliminate 5% of its personnel, or roughly 2,500 roles, across different divisions.
Profile
In addition to preparing students for undergraduate and graduate-level coursework, Byju’s has recently enlarged its catalogue to accommodate all enrolled students. On the Byju’s app, tutors explain difficult concepts using everyday items like pizza and cake. Its services are utilized by over 150 million students.
Background
In the last two years, Byju’s has invested more than $2.5 billion in startup acquisitions throughout the globe as the Indian company grows and diversifies its product lines in a number of international markets. The business had earlier this year intended to go public through the SPAC route with a valuation of more than $40 billion. However, those discussions did not result in a contract because a sudden decline in global stock markets erased a large portion of the gains from the 13-year bull market.