BYJU'S clocks Rs 10,000 cr sales in FY22, Raveendran to double down on growth
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Edtech major BYJU'S on Wednesday finally revealed its financial results for both FY22 and FY21, clocking gross revenues of nearly Rs 10,000 crore in FY22 and Rs 2,428 crore for FY21.
IANS was first to report on BYJU's FY22 revenues, at Rs 9,991 crore for its FY22 financial results.
The company said that there was significant business growth in FY21 over FY20, but since "this is the first year where new revenue recognition started because of a Covid-related business model change, almost 40 per cent of the revenue was deferred to subsequent years".
"After six stressful months, we are finally relieved at the outcome. Our investors are ecstatic at the figures. The last couple of months have been a great learning experience for us," the edtech platform's Founder and CEO Byju Raveendran told IANS.
"From here on, we will double down on growth as our core business is booming. Both Aakash Institute and Great Learning are doing excellent. The verticals that are not performing well like WhiteHat Jr will be further consolidated," Raveendran added.
Group companies Aakash and Great Learning have doubled their revenues since acquisition.
Raveendran said that the offline expansion is also performing well, and there is a tremendous response across more than 200 physical centres.
The company aims to scale it up to 500 centres by the end of this year.
In its FY21, BYJU's registered Rs 2,428 crore as revenue and Rs 4,500 crore as net loss. According to the company, the rationalised growth between FY21 and FY20 is a result of the changes made in the way BYJU'S recognises its revenue, "as advised by its auditors".
According to BYJU's, its K-12 education business is showing accelerated growth. K-12 business grew more than 150 per cent in FY22.
Between April-July 2022, the company logged a revenue of Rs 4,530 crore.
Its other acquisitions, Osmo and Epic!, are scaling up rapidly in North America, in terms of both adoption and engagement.
Tynker has grown to be the largest coding community for children, globally, said the company.
The company continues to be a net hirer with more than a 50,000 strong employee base globally.
BYJU'S said it plans to hire 10,000 more teachers in the coming year, adding to its current strength of 20,000 teachers.
