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regular-article-logo Monday, 26 February 2024

Company close to achieving profitability at the group level: Byju's reassures staff

despite the challenges faced by tech companies globally, Byju’s had made substantial progress towards this significant milestone, the company chief said

Our Bureau And PTI New Delhi Published 30.06.23, 06:12 AM
Byju Raveendran

Byju Raveendran File picture

Edtech major Byju’s is growing slowly but sustainably and is close to achieving profitability at the group level, the company’s CEO Byju Raveendran said on Thursday.

The company organised a town hall with Raveendran to allay apprehensions about the uncertainty around the company’s growth and its future.

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According to sources, who attended the town hall, Raveendran said that issues with $1.2 billion Term Loan B lenders are being resolved through discussion, and he is hopeful of a positive outcome in the next few weeks without the court’s intervention.

“Byju shared that Byju’s is close to achieving profitability at the group level, demonstrating the company’s commitment to financial management and optimisation of operations,” a source said.

He said that despite the challenges faced by tech companies globally, Byju’s had made substantial progress towards this significant milestone. Byju’s had set a timeline to achieve profitability by March 2023.

“He said that Byju’s is now growing slowly but sustainably and most of its business verticals are in good shape, relatively speaking,” the source said.

Several reports have emerged around Byju’s financial performance, debt burden, delay in filing financial results and the latest being investor in the firm Prosus lowering valuation in the firm to $578 million for a 9.6 per cent stake.

PTI

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