New Delhi, May 12 (PTI) Edtech major BYJU'S is learnt to have closed USD 250 million fundraising from Davidson Kempner Capital and is in the process to close another funding round of USD 750 million by the end of this month, sources aware of the development said on Friday.

The company has raised USD 250 million at a flat valuation of USD 22 billion, sources said.

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"BYJU'S has successfully closed a USD 250 million fundraising from Davidson Kempner Capital Management. This round is part of an ongoing USD 1 billion funding round that has attracted participation from both existing and new investors and will be raised at the current valuation of USD 22 billion," a source aware of the development told PTI.

BYJU'S declined to comment on the development.

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The company raised USD 250 million from existing investors and Qatar Investment Authority in October last year.

The company was valued at USD 22 billion in the funding round of USD 800 million, announced in March 2022.

"BYJU'S is in the process to close another USD 750 million from a sovereign fund by the end of this month. It is also part of ongoing USD 1 billion fundraise plan of the company," another source said.

BYJU'S Co-Founder Divya Gokulnath had in October announced the company's plan to turn profitable by March 2023.

BYJU'S reported a loss of Rs 4,588 crore in 2020-2021 compared to Rs 232 crore in 2019-20. The company recorded a drop in revenue for financial year (FY) 2021 to Rs 2,428 crore from Rs 2,511 crore in FY'20.

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