Edtech major Byju’s said it has raised $250 million from its existing investors as the firm tries to move towards profitability and better unit economics amid layoffs and restructuring at the Bengaluru-based company.

“Byju’s is now at a sweet spot of its growth story where the unit economics and the economies of scale are in its favour,” said Byju Raveendran, founder, and chief executive officer of Byju’s. “This means the capital we now invest will result in profitable growth and create sustainable social impact.”

Raveendran said that regardless of the adverse macroeconomic conditions, 2022-23 was going to be Byju’s best year in terms of revenue, growth and profitability.

The largest edtech firm in the country has been facing turbulent times over the past six months with questions being raised about the delay in announcing its audited results. In September, it finally released its FY21 results after changes to its revenue recognition method led to the company's losses swelling to Rs 4,588 crore. The edtech startup said last week that it will fire 5% of its 50,000-strong workforce or about 2,000-2,500 employees.

The company said in a press statement that Byju’s aims to achieve group-level profitability by March 2023 with a three-pronged approach. It is consolidating all its K-10 India subsidiaries into one unit to leverage its synergies. Aakash Education and Great Learning, respectively into test preparation and upskilling, will continue to operate as standalone independent units.