Byju’s has declared to have achieved a double jump in the revenue for the financial year ended on March 31, 2020. In the previous fiscal year, this Bangalore-based ed-tech unicorn had recorded Rs. 1306 crore in the operational revenue.
Such declarations are coming out at the time when the ed-tech firms are recording a gush of users because of the time of the ongoing lockdown due to the covid-19 pandemic. In the month of March and April, Byju’s added 13.5 million new users.
Divya Gokulnath, co-founder of Byju’s said in an interview, “We have met our revenue target of Rs. 2800 crore. This has happened even when our customers (students) and the purchaser (parents) are different.”
During the year ended March 2019, the independent profits of Byju’s were Rs.20.16 crore. The profitability or expenditure details for financial year 2020 not been revealed yet. The total expenses had grown to Rs. 1376.5 crore in financial year 19 from Rs. 537.4 crore in financial year 18. Out of which advertising and promotion accounted for about 33%.
No one is sure about what exactly is the reason for the bifold increase in Byju’s revenue in Financial Year 2020. This achievement is possible as the firm has grown its operating revenues almost three times. From Rs. 471.2 in Financial year 2018 to Rs. 1306 crore in Financial Year 2019.
According to the company, it has amassed 50 million users on the platform of which 3.5 million are paid customers to date. In just 100 minutes there was a 43% jump registered by the firm. This jump is in terms of the time spent by a single user on this platform on a daily basis.
As soon as a nationwide lockdown was announced, Byju’s gave free access to its users and gained growth. For those who have no idea, from the sale of tablets that allow streaming educational courses and sale of supporting material, Byju’s main income is generated.
The company is in talks to raise $400 million in the ongoing round at a staggering evaluation of $10 billion. Byju’s would become third firm to enter the decacorn club after Paytm and Oyo if this deal would be successful.