New Delhi, Dec 17, 2019: India’s Online education startup BYJU”S has reduced its loss to Rs 8.82 crore, while registering manifold in revenue from operations, according to regulatory documents.
Think & Learn Pvt Ltd, the entity that runs BYJU”S, reduced its loss to Rs 8.82 crore in the fiscal ended March 2019 from a loss of Rs 37.15 crore in FY18, documents sourced by Paper.vc showed.
Revenue from operations also increased to Rs 1,305.92 crore in FY19 from Rs 471.18 crore in FY18, it added.
Its total income increased to Rs 1,366.98 crore in FY19 from Rs 500.21 crore in the previous financial year, the document showed.
In a statement, BYJU’S said its net revenue increased from Rs 490 crore in FY17-18 to Rs 1,341 crore with a net profit of Rs 20 crore in FY18-19.
Its gross revenue increased from Rs 520 crore to Rs 1,480 crore.
The company statement said deeper penetration across India and significant growth in the number of paid subscribers have been the primary drivers of growth.
In January this year, BYJU’S also forayed into the US with the acquisition of Osmo, the US-based learning platform.
“We have exceeded our financial goals that we set at the beginning of the year. Expanding our base across smaller towns and cities and introducing new products have been pivotal to our growth,” BYJU’S Chief Operating Officer Mrinal Mohit said.
He added that the company”s performance is a reflection of the increasing acceptance and adoption of digital learning across India.
“With 60 per cent of our students based outside the metros, the aspiration and need for quality learning has never been higher,” he said.
Mohit said in the current financial year, the company is on track to double its revenue to Rs 3,000 crore.
“We will also be launching BYJU”S Online Tutoring which will further accelerate growth and profitability in the coming year,” he said.
Besides, the company is also planning to reach out to deeper parts of India by launching programs in vernacular languages.
“We have always focused on sustainable growth and our efforts will continue to be on creating learning experiences that will help students become better learners. Being the world”s most valuable edtech company today, we strongly believe that we have the capability to create a global product that can revolutionize learning for students across the world,” he said.
BYJU’S had USD 540 million (Rs 3,865 crore) in funding in December last year. In April this year, the Naspers-backed company had crossed Rs 200 crore in monthly revenue.
Currently, its learning programmes are available in English and Hindi. It has over 40 million registered users and 2.8 million paid subscribers.