Byju's founder and CEO Byju Raveendran had earlier this year told Financial Express Online that it sees increased adoption and high engagement from more than 1,700+ towns and cities in the country.
Edtech unicorn Byju’s nearly doubling paid user base from 1.26 million in June 2018 to 2.4 million currently along with company’s ‘deeper penetration’ across the country has tripled its revenue to Rs 1,430 crore in Fiscal year (FY) 2019. The company is eyeing Rs 3,000 in revenue for FY20.
The regional expansion has been the key focus area for Byju’s to drive growth. The company is working on developing learning programs in various regional languages that will be a “game changer,” said Byju’s founder and CEO Byju Raveendran.
Raveendran had earlier this year told Financial Express Online that it sees increased adoption and high engagement from more than 1,700+ towns and cities in the country.
“We launched our product in Hindi recently to create awareness about tech-driven learning in deeper parts of India. We are also working on creating learning programs in other regional languages like Marathi, Gujarati, Malayalam etc., and we plan to roll them out this year itself,” Raveendran had said in the interview.
The startup gets “60 per cent of its students beyond the top 10 cities” that indicates “online learning is fulfilling a crucial need,” Raveendran said in a statement today.
Byju’s also claimed of churning profits on a full-year basis while posting monthly revenue of Rs 200 in April 2019, the company said in a statement.
Byju’s currently has more than 35 million registered users and an overall renewal rate of 85 per cent.
However, the profitability remains secondary for Byju’s yet “an important milestone” as its “main focus continues to be on creating engaging learning experiences,” Raveendran added.
In January this year, Byju’s had acquired the US-based educational games maker Osmo to drive its international growth.
“We are launching our K-3 product across the globe and our initial focus is going to be on creating awareness about the benefits of a product. Osmo’s acquisition is also towards offering a unique, customized, engaging and fun learning solution for younger kids. The market opportunity is huge,” Raveendran had told FE Online.
Byju’s valuation crossed $5-billion mark in March this year, up from $3.6 billion, after it raised $33 million in a round led by General Atlantic, as per regulatory filings sourced by business signals platform Paper.vc.