: BYJU’s set to close 0 mn funding round soon at flat valuation #FinanceIndia #StockMarketNEWS #Business Indo-Asian News Service New Delhi Edtech major BYJU’s is in advanced stages to raise

@StockMarketNEWS Mon 10 Apr, 2023

Posted in: #FinanceIndia #StockMarketNEWS #Business

BYJU’s set to close 0 mn funding round soon at flat valuation #FinanceIndia #StockMarketNEWS #Business
Indo-Asian News Service

New Delhi

Edtech major BYJU’s is in advanced stages to raise 0 million at a flat valuation (at billion the company last announced) as it struggles to repay a .2 billion term loan and turn profitable in 2023, reliable sources said on Thursday.

Sources said that the latest funding round is in “final stages of discussion and will be closed soon within few weeks”.

BYJU’s declined to immediately comment on the development.

However, the 0 million round may also come at a lower valuation too, according to sources.

Global investment group Prosus last year put the fair value of its 9.67% stake in BYJU’S at 8 million, which technically puts the current valuation of the edtech major at nearly billion. However, Prosus had changed its accounting treatment for BYJU’S and in the subsequent reporting periods, “the company will be accounted for as an investment”.

DealStreetAsia was first to report about the latest funding round by BYJU’s.

In order to turn profitable, BYJU’s is winding up coding platform WhiteHat Jr, which it acquired for 0 million, as part of restructuring and cut costs. The company had said it was “merely optimising it”.

Edtech firm BYJU’s also appears not to be able to meet its March 2023 deadline to achieve group-level profitability, as it envisioned in its earnings in October last year and its quarterly results in the current fiscal year are delayed once again.

Sources earlier said that the company, which has sacked thousands of employees to date and has taken deeper cuts, is still unable to achieve profitability at group level amid mounting losses.

In October after firing 2,500 employees and consolidating its business in the country, Mrinal Mohit, CEO, BYJU’S India business, had said that “these measures will help us achieve profitability in the defined time frame of March 2023”.

At a group level, BYJU’s had said its top priority is to achieve “overall profitability by March 2020?'K???????]???X??[???X?H????]H??[?H?[??Y??[????[H???[???????????]?Y[??[R?[H???H??[?H???YH?]?[?YH?

L???K???]?H??Y[?????[][?X?][????HH??[?HX??]H[?[????[?HYX?[?X?????YH????

N??H??H???[YX?][?Y?X???K??K?