India’s first edtech unicorn startup Byju’s turns profitable in FY19, posted three-fold revenue $21 million (1430 crore) but did not reveal the profit amount.
In FY18, Byju’s had $7.2 million (500 crore) revenue and a loss of Rs 37 crore.
“The growth in revenue was fuelled by deeper penetration across India and significant growth in the number of paid subscribers,” a statement by Byju’s said.
Byju’s become the first profitable consumer internet start-up in India, putting other online consumer startups such as Ola, Flipkart, Swiggy and Paytm under pressure to turn profitable.
The online learning startup has 2.4 million paid subscriber out of 35 million registered users.
Byju’s investors include such as the International Finance Corp, a World Bank arm, Light Speed India Partners, General Atlantic, Naspers, and a Canadian sovereign pension.
Byju’s was started in 2011 by Byju Raveendran. In 2015, the company launched its “Byju’s Learning App’ to enter into online space and in 2019 the company valued at $5 billion.
Byju’s valuation has surged over five times from $1 billion to $5.4 billion in 18 months. The company working strength is 3200 and operating in 40 Indian cities.
According to Google and KPMG study, Edu-tech market in India is expected to grow eight-fold to $2 billion by 2021.