Edtech major BYJU’S announced Monday that it has raised $250 million in a new round of funding from its existing investors.
BYJU’S said it is on track to achieve group-level profitability with a three-pronged approach by March 2023.
It consolidates all its K10 India subsidiaries into a single entity to take advantage of their synergies.
“Byju is now at the sweet spot of its growth story with both unit economics and economy of scale on its side. This means that the capital we invest in our business now will drive profitable growth and create lasting social impact,” Byju Raveendran, Founder and CEO, Byju’s said in a statement.
“Despite adverse macroeconomic conditions, 2022-23 is poised to be our best year in terms of revenue, growth and profitability. The continued support from our esteemed investors reaffirms the impact we have made so far, and validates our path to profitability,” said Raveendran.
Already becoming one of India’s most popular consumer brands, Byju’s will now re-target its marketing budget to its overseas markets, the platform said.
The group is also building on the strength of its internal sales team for more efficient and effective consumer-focused lead conversions.
In line with its long-term strategic plan, BYJU’S launched its hybrid learning offering of BYJU’S Tuition Center (BTC) in 2022 to bring the best of online and classroom learning to students.
The platform said that, currently, there are over 250 active BTC across India and the company aims to increase this to 500 centers by the end of this fiscal year.
BYJU’S raises $250 million from its existing investors, plans to target 500 learning centers across India first appeared on BGR India.