The new funding round was initiated in response to Byju's audited results for 2022, which showed a sharp rise in losses from ₹4,564 crores to ₹8,245 crores over the previous year. Conversely, there was a notable increase in the combined revenue, which went from ₹2,428.39 crores to ₹5,298.43 crores.
over the previous 18 months, the Byju's founders had invested more than $1.1 billion. “Over the last many months, strategic measures have been taken to optimise costs and become a lean organization focused on execution. They stressed the importance of raising capital to create a glide path for strong shareholder value and prevent further value impairment. The letter acknowledged the shareholders' integral role in the company's journey and proposed this rights issue to offer existing shareholders an equal opportunity to participate in the capital raise," the press release said.