Ed-tech startup Byju’s has turned profitable on a full-year basis. Announcing its audited financial results for the year ending March 31, 2019, Byju’s said that it has increased its net revenue from Rs 490 crore in FY 17-18 to Rs 1,341 crore with a net profit of Rs 20 crore in FY18-19.
The gross revenues increased from Rs 520 crore to Rs 1,480 crore. BYJU’S is on target to double its revenue to Rs 3000 crore in the current financial year.
According to Registrar of Company filings sourced by business signals platform paper.vc., Byju’s reduced its total losses by 76.25% year-on-year to Rs. 8.82 crore on a consolidated basis in the year to March 2019. Total expenses, however, increased by 156.15% to Rs. 1,376.54 crore in FY19 from Rs. 537.38 crore in the previous year.
According to the company, the primary driver of growth was deeper penetration across India and significant growth in the number of paid subscribers. In January this year, BYJU’S also forayed into the US with the acquisition of Osmo, the US-based learning platform.
“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. With 60% 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 crores. We will also be launching BYJU’S Online Tutoring which will further accelerate growth and profitability in the coming year,” Mrinal Mohit, Chief Operating Officer, BYJU’S said in a statement.
Going forward, the ed-tech startup is also planning to reach out to deeper parts of India by launching programs in vernacular languages. This year, it launched its product for young learners (grades 1-3), which completed its learning offerings from grades 1 – 12.
BYJU’S has over 40 million registered users and 2.8 million paid subscribers. The average number of minutes a student spends on the app has increased from 64 minutes to 71 minutes per day over the last 12 months and the annual renewal rates are as high as 85%.