India’s Homegrown learning start-up BYJU’S posted a 100% increase in their revenue from operations to Rs. 460 Crore by decreasing their losses by 53% at Rs. 28 Crore by March 2018, according to Tofler, a business intelligence platform. The Edutech company previously reported Rs. 230 crores as revenue from operations and a net loss of Rs. 60 crores in FY17.
Mrinal Mohit, BYJU’S COO said “The company has been growing at 100% per month for the last 3 years. The company’s revenue in the last financial year was close to Rs. 500 crore & we’re on target to take the revenue up by three times to Rs. 1400 Crore in FY19.”
Listed as “Think & Learn Private Limited”, BYJU’S posted a 77.3% increase in their advertising & promotional expenses to Rs. 188.5 Crore in FY18 from Rs. 106.6 Crore in FY17. The sponsorship expenses increased by 24.2% to Rs. 2.9 Core in FY18. Marketing promotion expenses increased by 91% to Rs. 54.7 Crore in FY18 from 28.6 Crore in FY17, Further, business promotion expenses went up 66.2% to Rs. 128 Crore in FY18. BYJU’S posted a 67.9% rise in net expenditure at Rs. 518.5 Crore in FY18 from Rs. 308.7 Crore in FY17.
The firm is reported to be in talks for raising $400 million from investors such as Canada Pension Plan Investment Board, Naspers, General Atlantic, and some existing investors and the fundraising round is likely to conclude soon.
When spoken to about Overseas expansion, Mohit said, “For the international product, we are working with some of the most popular YouTube teachers who are experts in their own domain. We are flying them down to India to record and help us with product development. To start with, our target markets are English-speaking countries.”
The learning platform is also building a product for the international market. “At present, our major focus is on getting the K-3 app (for lower grades 1st, 2nd & 3rd grades) ready for launch in 2019,” Mohit said.
BYJU’S had launched their app along with learning resources for grades between VI and XII by 2015. In 2016, it also raised investment from the Chan-Zuckerberg initiative and became the first Asian firm to do so. Its K5 app that focuses on fifth and sixth-grade students came out in 2017.
BYJU’S has over 30 million downloads & 2 million plus paid subscriptions and is now planning to launch its learning app in languages including Gujarati, Tamil and Marathi.