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Byju's, India's largest unicorn, is poised to collect USD 500-700 million in its latest funding round at a flat valuation of USD 22 billion.
According to a media report on Tuesday, the round will be led by several top private equity companies and sovereign wealth funds. This month's round could take place at any moment.
Top VC firms lead the round, and some existing Byju’s investors are also interested in participating, which may push the funding round to its maximum, media report revealed.
The newest round of funding comes as the business prepares to repay a massive USD 1.2 billion term loan secured in November 2021.
Ajay Goel has been appointed as the company's new chief financial officer (CFO), to strengthen its financial processes and achieve profitability.
As part of the restructuring and cost-cutting efforts, Byju's is shutting down the coding platform WhiteHat Jr, which it purchased for USD 300 million.
Byju's did not reach its March 2023 target for group-level profitability, as stated in its earnings report in October of last year.
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