Byju’s reduced its total losses by 76.25% year-on-year to Rs. 8.82 crore on a consolidated basis in the year to March 2019. The ed-tech firm’s revenue from operations increased to Rs. 1,305.92 crore in FY19 from Rs. 471.18 crore in FY18, according to the company’s RoC filings sourced from business signals platform paper.vc.
Total expenses, however, shot up to Rs. 1,376.54 crore in FY19 from Rs. 537.38 crore in the previous year, a rise of 156.15%, the documents showed. The firm’s losses stood at Rs. 37.15 crore in FY18.
In a statement released on Tuesday, Byju’s said the company increased its net revenue from Rs. 490 crore in FY18 to Rs. 1,341 crore on a standalone basis in FY19, while posting net profit of Rs. 20 crore in FY19.
Mrinal Mohit, chief operating officer, Byju’s, said, “Expanding our base across smaller towns and cities and introducing new products have been pivotal to our growth… We will also be launching Byju’s Online Tutoring which will further accelerate growth and profitability in the coming year.”
Founded in 2011, Byju’s claims to have garnered close to 3 million paid subscriptions with about 40 million registered students using its app. The company estimates to more than double its revenue to over Rs. 3,000 crore in the current financial year.
In July, Byju’s raised $150 million in fresh funding led by Qatar Investment Authority that boosted its valuation to over $5 billion, according to analysts. In December 2018, the company mopped up a whopping $540 million led by South Africa-based Naspers and CPPIB. It has so far raised about $1 billion in funding.
Outside India, the US is a large market for Byju’s and it plans to launch a wide range of products in the US. “The US is the first step since English product is what works in India as well as in the US. The core product that we have developed is in English. But in future, there are a lot of Asian markets which could be very large,” chief strategy officer Anita Kishore told FE in an interview earlier.