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After announcing mass lay-offs, Byju’s raises $250 million
Indian edtech company, Byju’s, has raised funds worth $250 million from its existing investors, the company said in a statement on Monday. The company did not mention any specific names of the investors who participated in the round. Byju's is backed by prominent venture capital and private equity firms such as Sequoia Capital India, Bond, Chan-Zuckerberg Initiative, Silver Lake, Sands Capital Management, Tencent, Naspers Ventures, and a few more. “BYJU’S is now at that sweet spot of its growth story where the unit economics and the economies of scale both are in its favour. This development comes a week after the Bengaluru-based company announced it is laying off 2,500 employees from its total workforce. The company also clarified in a statement released earlier which read, “To avoid redundancies and duplication of roles, and by leveraging technology better, around five percent of Byju's 50,000-strong workforce is expected to be rationalised across product, content, media, and technology teams in a phased manner.” Source: BusinessToday #Byjus
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