by According to a report by Bloomberg News on Tuesday, the struggling Indian edtech startup Byju’s is trying to raise over $100 million from current investors, but at a steep 90% discount to the $22 billion it valued at during its last funding round in 2022.According to Bloomberg, which cited people familiar with the matter, Byju’s, which dealing with a number of legal and financial issues, looking to sell additional shares, including those of its founder, Byju Raveendran, in order to raise money to pay vendors and stabilise its business.According to the report, Byju’s valuation has decreased from $22 billion at its previous round in late 2022 to less than $2 billion at the pricing of the share issuance, which is scheduled for next month. In that round, $250 million was raised.
Byju declined to comment, and when Reuters reached out to Raveendran, he was not immediately reachable. Investors expected to take part in the most recent round were not identified by Bloomberg. BlackRock cut Byju’s valuation earlier this month by 95% to $1 billion, and last November, tech investor Prosus NV reduced it to less than $3 billion. The media reported that Raveendran had pledged his homes in exchange for money to pay employees, which coincided with the valuation reductions. Several Byju executives and board members had left the company after it took longer than expected to file its financial results for 2021–2022.
Byju’s reported in November that while revenue more than doubled, operating losses for its primary online education business were reduced by 6% in 2021–2022.In spite of more than doubling its total revenue, Byju’s reported a wider core loss of more than 61% in its fiscal year 2022, according to a statement submitted on Tuesday to the registrar of companies. On the other hand, the company announced in November that for the fiscal year 2021–2022, the operating loss for its primary online education business would decrease by 6%.
