Edtech giant Byju’s has revealed the financial statistics of the fiscal year 2019-20. As per the report, the most valuable Indian startup saw a surge of 81% in its revenue to Rs 2,434 crore. The firm’s profit recorded a spike of 152% compared to the last fiscal year.
Byju’s Financial Statistics of FY20
Byju’s, the most valuable Edtech startup of the world, is continuing its best run in terms of acquisitions, fundings, and global expansions. Now, the company has also shared its financial statistics for the fiscal year 2020. And, that has brought big smiles on shareholders’ faces.
The edtech firm announced that its revenue has increased by 81 percent to Rs 2,434 crore, while the company’s net profit has jumped by a whopping 152 percent. The firm also recorded expenses of Rs 2383 crore in FY2019-20.
Byju’s’ earnings from global operations have also risen to Rs 306 crore in FY2019-20 against Rs 168 crore in FY2018-19.
In Byju’s, the shareholding pattern held by various individuals is 82.51 percent. Byju’s founder and Chief Executive Officer Byju Raveendran controls 50.34 percent of the edtech firm’s shares, while Riju Ravindran holds 20.15 percent. Byju Raveendran’s wife, Divya Gokulnath, holds 10.64 percent.
Byju’s Latest Operations
Byju’s has continued acquiring national as well as international firms. The edtech company has also expanded its userbase in terms of online education adaptation. US, Australia, Middle East, and North America are the major foreign destinations where Byju’s has strengthened its operations in the last few months.
Byju’s has acquired six major firms in India and the US during the last six months. And, it has spent $2 billion+ amount to buy these firms, as per internal sources. Students, as well as teachers, have upgraded their skills online during the pandemic and that has helped Byju’s in growing further.
Due to overwhelming support from global investors, Byju’s is expected to dominate the edtech industry globally in the coming years. The startup has reached a valuation of $16.5 billion. Its competitors including Unacademy, Simplilearn, UpGrad, Amazon Academy, and others are nowhere near Byju’s in terms of valuations and operations both. As per the reports, India’s education sector is worth over $180 billion.
Recently, Byju’s has started a new teaching method called “Two-Teacher Advantage” for students. Under this initiative, an expert teacher will provide in-depth knowledge to the student via storytelling and other ways, while the second teacher will clear students’ doubts instantly and will provide further support to understand the concept. Today, the app has more than 100 million registered students and 6.5 million annual paid subscriptions. Byju’s app was launched in 2015 for K12 students.