Byju’s is one of the most renowned EdTech firms in the country and it recently announced two-fold increase in its revenue for fiscal year 2020. The firm has recorded Rs. 1,306 crore in operational revenue in FY-20. The announcement comes at a time when EdTech is one of the few industries blooming during the corona crisis.
The company claims to have added 13.5 million fresh users during the month of March and April alone. Divya Gokulnath, co-founder of Byju’s stated that, “We have met our revenue target of Rs 2,800 crore. This has happened even when our consumer (students) and the purchaser (parents) are different.”
The standalone profit for Fiscal Year 2019 is Rs 20.16 crore and also the expenditure of the company grew by 2.6X from Rs 537.4 crore in financial year 2018 to Rs 1,376.5 in 2019. Advertising and promotions made up to about one third of all the expenses in that year.
The EdTech firm has not released the details of profitability and expenses for year 2020 but the growth does not seem unexpected considering the fact that the company already grew threefold from Rs 471.2 crore in FY18 to Rs 1,306 crore in FY19. Byju’s has a user base of 50 million out of which 3.5 million are paid consumers.
As the company declared the platform free as soon as the lockdown began, it also created a new record of 43% jump in 100 minutes in terms of time spent by a user on the platform daily. The company’s primary sale is through the sale of its tablets which facilitate learning through educational courses and sale of study material.
A few days back, it was reported that the company is in conversation to raise $400 million in an ongoing round as it eyes entering decacorn club with a valuation of $10 billion.