Bengaluru-based Byju’s on Tuesday claimed it is on track to double its revenue in the current financial year. “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. Our performance is a reflection of the increasing acceptance and adoption of digital learning across India,” said Mrinal Mohit, chief operating officer, Byju’s. “With 60 per cent of our students based outside the metros, the aspiration and need for quality learning has never been higher. In the current financial year, we are on track to double our revenue to Rs 3000 crore,” he added.
Think and Learn, the parent company of Byju’s, recorded a net income of Rs 20.16 crore and a net loss of Rs 28.65 crore on a standalone basis for the last financial year.
Meanwhile, the edtech unicorn’s total expenses rose to Rs 1,321.65 crore from Rs 518.52 crore year-on-year on account of employee benefit expenses, marketing and promotional costs.
Last January, BYJU'S entered the US with the acquisition of Osmo.
“We are also planning to reach out to deeper parts of India by launching programs in vernacular languages. We have always focused on sustainable growth and our efforts will continue to be on creating learning experiences that will help students become better learners. Being the world's most valuable edtech company today, we strongly believe that we have the capability to create a global product that can revolutionize learning for students across the world,” said Mohit.
Deeper penetration across India and significant growth in the number of paid subscribers were the primary drivers of growth,the company said.
In March this year, Byju’s valuation crossed USD 5 billion mark with a new funding round.
The global online education market is projected to reach a total market size of USD 286.62 billion by 2023, increasing from USD 159.52 billion in 2017, according to a report Global Online Education Market by Research & Markets.