Byju's generates bulk revenue through sales, losses down by 40%
BENGALURU: Think & Learn, which runs online learning platform Byju’s, doubled its revenue to Rs 500.2 crore in 2017-18 from the previous financial year while its losses fell around 40% to Rs 37.1 crore during the period, according to the company’s consolidated financial statement sourced from Tofler.
The company generated bulk of its revenue through sales, which stood at Rs 471.1 crore during the fiscal. This helped it reduce losses despite expenses shooting up 73% to Rs 537 crore.
Advertising continued to be the company’s largest expense, which grew 77% year-on-year to Rs 188 crore, while its second-largest expense was employee benefits, which grew 40% to Rs 106.2 crore. The company had reported a revenue of Rs 248 crore with a loss of Rs 61 crore for the previous fiscal.
Byju’s is one of the few large internet companies in India which have a capital efficient business model. Its lean, but high growth helped the company secure a massive $540 million in funding led by South Africa’s Naspers in December 2018 at a valuation of $3.6 billion.
The company had told ET that it had registered a profit in the last quarter of 2017-18 and that it has continued to do so in subsequent quarters in the current financial year. It is likely to close 2018-19 in the green, making it one of the few Indian unicorns to ever turn a profit.
The offline tutoring turned online education technology firm, considered to be among the world’s most valuable edutech firms, plans to expand to the US, Australia, the UK and some other native-English speaking regions.