Byju’s founder eyes fundraise to bump up stake in firm to 40%

Byju’s founder Byju Raveendran is eyeing a share buyback deal that could boost his stake in the Indian edtech powerhouse to around 40%, Bloomberg reported, citing sources with knowledge of the matter.

Raveendran is looking to raise funding to repurchase up to 15% of the company. Byju’s was last valued at around US$22 billion, but the buyback may push through at a lower valuation, the sources said.

However, discussions on the share buyback are still in early stages and a deal may not materialize.

The development follows the firm’s US$250 million raise in October 2022, which came just days after it laid off 2,500 employees – or 5% of its total workforce. Byju’s also announced plans to hit overall profitability by March this year.

Raveendran also mentioned that 2022 through 2023 will be the company’s “best year in terms of revenue, growth, and profitability.”

See also: The $22b question on Byju’s valuation