Sunday, November 27, 2022
JVSpin

Byju’s investors added $250 million after layoffs

- Advertisement -

Byju’s, an Indian edtech business, announced in a statement on Monday that it had raised $250 million from its current investors. The investors who took part in the financing were not specifically identified by name by the company.

Byju’s Investors Added Millions

The Chan-Zuckerberg Initiative, Sequoia Capital India, Bond, Silver Lake, Sands Capital Management, Tencent, Naspers Ventures, and a few more well-known venture capital and private equity firms are among those that support Byju’s.

Byju's investors added $250 million after layoffs
credits – theweek.in

The corporation with headquarters in Bengaluru said last week that it would be cutting off 2,500 workers from its whole workforce. According to a company spokeswoman, there would be layoffs over six months rather than immediately. 10,000 additional teachers will be hired by the corporation in the upcoming year.

1xbit

Based on the sources, these actions are being made to prevent job duplication and redundancy and to turn a profit in FY23. The business further highlighted in a statement earlier that around 5% of Byju’s 50,000-person staff is anticipated to be rationalized across product, content, media, and technology teams in a stepwise way to reduce redundancies and duplicate positions and to better utilize technology. To achieve more effective growth, the edtech decacorn is also reorganizing its marketing budget.

Word from Founder & CEO

Founder and CEO Byju Raveendran said that at this point in its growth narrative, Byju’s is in a good place where both unit economics and economies of scale work in its favor. This implies that the money they invest in the company will lead to lucrative expansion and long-lasting social effects.

Byju's investors added $250 million after layoffs
credits – businesstoday.in

Furthermore, he added that despite the unfavorable macroeconomic environment, FY23 is anticipated to be our strongest year yet in terms of sales, growth, and profitability. The impact they have already had is confirmed by the continued support of our respected investors, which also validates their road to profitability.

A $400 million personal investment made by Raveendran earlier this year as part of an $800 million round that also included Sumeru Ventures, Vitruvian Partners, and BlackRock was made in the business.

Byju's investors added $250 million after layoffs
credits – inventiva.co.in
- Advertisement -

Byju’s claimed that it is on track to achieve group-level profitability by March of the following year. Following the delay in the release of its FY21, the corporation was the subject of considerable scrutiny.

Read: Garmin India brings new Venu Sq 2 Series smartwatches with 11 Days Battery Life and AMOLED Display

- Advertisement -
spot_img

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Related Articles

Bitdefender WW

Stay Connected

220FansLike
122FollowersFollow
187FollowersFollow
Ajio [CPS] IN

Hot Topics

spot_img

Latest Articles

Trending

Featured

Adblocker detected! Please consider reading this notice.

We've detected that you are using AdBlock Plus or some other adblocking software which is preventing the page from fully loading.

We don't have any banner, Flash, animation, obnoxious sound, or popup ad. We do not implement these annoying types of ads!

We need money to operate the site, and almost all of it comes from our online advertising.

Please add technosports.co.in to your ad blocking whitelist or disable your adblocking software.

×
TOP 10 HILL STATIONS OF INDIA TO VISIT ONCE IN LIFE Will Google Pay & PhonePe soon get a transaction limit? AMUL, BYJUs, & JIO-CINEMA: INDIAN BRANDS BOOSTS THE FIFA WORLD CUP 2022 THREE COMPANIES OF TRILLION DOLAR CLUB BYD ATTO 3 ELECTRIC SUV OPEN FOR BOOKINGS