Edtech major Byju’s is learnt to have closed $250 million fundraising from Davidson Kempner Capital and is in the process to close another funding round of $750 million by the end of this month, sources aware of the development said on Friday.
The company has raised $250 million at a flat valuation of $22 billion, sources said.
“Byju’s has successfully closed a $250 million fundraising from Davidson Kempner Capital Management.
“This round is part of an ongoing $1 billion funding round that has attracted participation from both existing and new investors and will be raised at the current valuation of $22 billion,” a source aware of the development told PTI.
Byju’s declined to comment on the development.
The company raised $250 million from existing investors and Qatar Investment Authority in October last year.
The company was valued at $22 billion in the funding round of $800 million, announced in March 2022.
“Byju’s is in the process to close another $750 million from a sovereign fund by the end of this month.
“It is also part of ongoing $1 billion fundraise plan of the company,” another source said.
Byju’s co-founder Divya Gokulnath had in October announced the company’s plan to turn profitable by March 2023.
Byju’s reported a loss of Rs 4,588 crore in 2020-2021 compared to Rs 232 crore in 2019-20.
The company recorded a drop in revenue for financial year (FY) 2021 to Rs 2,428 crore from Rs 2,511 crore in FY’20.