Like a meritorious student, the torchbearer in edtech space Byju’s has kept its promise to become profitable on a full year basis with a revenue of Rs 1,430 crore in FY19, a figure close to the tall claim made by the first Unicorn in this segment.
The company, however, has not revealed the exact figure illustrating this said profitability. In FY18, Byju’s had recorded 2X jump in revenue to Rs 500.21 crore while it claimed to have tasted the profitability only in last quarter of that fiscal.
The unaudited figure reported by ET also mentioned that Byju’s had already reached a monthly run rate of Rs 200 crore due to high renewal rates and further it claims to clock almost Rs 3,000 crore in revenue, registering more than two-fold growth in the ongoing FY20.
For the uninitiated, Byju’s scores revenue from several sources including educational services, the sale of products like tablets, DVDs and worksheets.
Interestingly, the FY19 financial performance announced just after a story published in The Ken on BYJU’s. The detailed story talks about astute sales practices by the firm has begun to create a massive hole in their partner lenders’ pockets, with many parents directing their banks to stop EMI payments.
According to Byju Raveendran, founder and CEO of Byju’s, the firm has witnessed significant growth in the number of students learning from US and more than 60% of students are from outside the top 10 cities.
Apart from expanding in India and US, Byju’s is looking for distributor partners in UK, Canada, Australia, Singapore, and Malaysia.
For the time being, the revenue figure claimed by the $5 billion-valued company looks impressive but we have to wait for the audited figure to compare its performance in FY19 w.r.t losses and expenses.