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Byju's raises $250 mn from QIA, existing investors at flat $22 bn valuation

The fundraise comes a week after the company said it will be laying off 2,500 employees in a cost-cutting initiative

October 17, 2022 / 01:58 PM IST
File image of Byju's founder Byju Raveendran.

File image of Byju's founder Byju Raveendran.

Edtech unicorn Byju's has raised $250 million in a fresh funding round from existing investors including Qatar Investment Authority (QIA) in a flat round at $22 billion, a week after announcing over 2,500 layoffs.

The company was offered a valuation of $11-12 billion by new investors after its results were out last month, but Byju's did not raise money at that valuation, a person directly aware of Byju's fundraising plans told Moneycontrol.

Over the last 12 months, secondary sales of Byju's shares have happened at a valuation between $16 and $17 billion, while all primary fundraises since March this year have happened at a valuation of $22 billion, the person quoted above said. In this round, a little more than $250 million was raised in primary, the person added.

Secondary sales typically happen at a discount. Byju's did not comment. Moneycontrol couldn't identify the other investors in the round.