Edtech Major BYJU'S Closes $250 Mn Fundraise From Davidson Kempner Capital

India's Edtech major BYJU'S has closed $250 million fundraising from Davidson Kempner Capital and likely to close yet another funding round of $750 million by the end of May 2023, sources aware of the development said on Friday, according to
PTI news.

The company has raised reportedly $250 million at a flat valuation of $22 billion, as per sources.

"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," added the PTI report.

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, PTI report stated.

"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.