Education technology major BYJU’S announced that it raised $250 million from its existing investors in a fresh round of VC funding.
BYJU’S said it has embarked on a path to achieve group-level profitability by March 2023 with a three-pronged approach. It consolidates all its K10 India subsidiaries into one unit to leverage their synergies.
“BYJU’S is at that sweet spot of its growth story where the unit economics and the economies of scale both are in its favor. This means the capital that we now invest in our business will result in profitable growth,” Byju Raveendran, Founder and CEO of BYJU’S, said in a statement.
“2022-23 is set to be our best year in terms of revenue, growth and profitability. Support from our esteemed investors re-affirms the impact created by us so far, and validates our path to profitability,” Byju Raveendran said.
Aakash Education and Great Learning, respectively into test-prep and upskilling, will continue to operate as stand-alone independent units.
BYJU’S will be retargeting its marketing budget towards its overseas markets.
The group is increasing the strength of its inside sales team for more efficient and effective consumer-centric lead conversions.
BYJU’S launched its hybrid learning offering BYJU’S Tuition Centre (BTC) in 2022 to bring the best of online and classroom teaching to students. There are over 250 active BTCs across India and the company aims to scale it up to 500 centers by the end of this financial year.