Online tutoring app BYJU’s net losses narrow in FY19

Byju Raveendran, the founder of Byju's. Photo: Hemant Mishra/Mint

Online tutoring app BYJU’s net loss narrowed to 14.91 crore for the financial year ended March 2019, compared to 37.19 crore losses reported a year ago, according to documents filed with the Ministry of Corporate Affairs (MCA), sourced from business information platform Paper.vc.

In an earlier statement given to the press in May 2019, BYJU’s mentioned that the company was profitable on a full-year basis. However, recent filings with the MCA show that BYJU’s is yet to make any profits on a consolidated accounting basis, although it was able to narrow down losses significantly. On a standalone accounting basis, BYJU’s parent entity Think & Learn Pvt Ltd reported a net profit of 19.63 crore for FY19.

The startup, a unit of Think & Learn Pvt Ltd, also reported revenues of 1,306 crore in FY19, which is a two-fold increase compared to 471.18 crore reported in FY18. Most of the revenue growth at BYJU’s in FY19 was fueled by deeper penetration across India and significant growth in the number of paid subscribers, according to the company’s earlier statement in May.

“We have exceeded our financial goals that we set at the beginning of the year. Expanding our base across smaller towns and cities and introducing new products have been pivotal to our growth. In the current financial year (FY20), we are on track to double our revenue to 3,000 crore. We will also be launching BYJU’s Online Tutoring, which will further accelerate growth and profitability in the coming year,” said Mrinal Mohit, Chief Operating Officer, BYJU’S in a statement.

Investors and market experts say that the spike in BYJU’s valuation comes from its entry into the US market. Byju’s is also benefiting from Indian parents’ willingness to spend on education, especially in the K-12 segment. The company has already attracted more than 40 million students, assisting them to understand concepts in math, science and English.

This article was first published on livemint.com

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.