Edtech major Byju’s is reportedly seeking new funding at around $2 billion valuation, down from its top valuation of $22 billion in early 2022.

The company, which announced its audited FY22 financial results on Tuesday after a long gap, aims to raise $100-$200 million via a rights issue, reports TechCrunch, citing people familiar with the matter.

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Byju Raveendran, Co-founder and CEO of the edtech major, is likely to invest in the new funding, the report mentioned. Byju’s did not immediately comment on the report.

Byju’s was in advanced stages to raise about $1 billion last year, but the talks failed. The company then raised around $150 million.

Last year, Byju’s was mulling to sell at least two of its subsidiaries, Epic and Great Learning, to raise between $800 million and $1 billion, amid reports that the company has formulated a proposal to repay its outstanding $1.2 billion Term Loan B (TLB).

Byju’s was geared up to go public in early 2022 via a SPAC deal that would have valued it at around $40 billion.

The edtech major Byju’s on Tuesday announced its audited FY22 financial results after much delay, registering operating revenue of Rs 5,014 crore while losses surged to Rs 8,370 crore in FY22 from Rs 4,599 crore in the earlier fiscal year.

The US-based investment firm BlackRock recently cut the value of its holding in Byju’s, reducing the edtech major’s valuation to a mere $1 billion from $22 billion in early 2022.