Edtech major Byju’s raised $250 million from its existing investors as it strives for profitability and improved unit economics amid layoffs and restructuring.
Regardless of the adverse macroeconomic conditions, Raveendran predicted that 2022-23 would be Byju’s best year in terms of revenue, growth, and profitability. The country’s largest edtech firm has been in turmoil for the past six months, with questions raised about the delay in releasing audited results. It finally released its FY21 results in September, after changes to its revenue recognition method increased the company’s losses to Rs 4,588 crore.
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