Byju’s, the country’s most valuable edtech startup, backed by Tiger Global Management, reported gross revenue of around ₹10,000 crore in FY 2022, after recording revenue of ₹2,428 crores the previous year. Turnover for the first four months of this financial year amounts to ₹4,530 crore.
Additionally, the company said nearly 40% of its fiscal 2021 revenue was deferred to subsequent years due to the adoption of new revenue accounting.
Byju’s net loss widened to ₹4588.75 crore for the year ending March 31, 2021 from an aggregate loss of ₹231.69 crores it incurred for the fiscal year ended March 31, 2020, according to company results.
The company had previously informed the Ministry of Corporate Affairs in July that it would announce its financial results on September 6. The MCA had issued a notice to Byju’s for the delay in filing the financial result.
The delay in filing is due to the consolidation of accounts from a number of companies that the online education provider acquired during the fiscal year, the company told MCA.
Calling the blip following the change in financial reporting structure, Byju Raveendran, the company’s founder and CEO, said in an interview with mint today morning that next year’s results will show stronger financial growth and increased numbers.
“There was significant business growth in FY21 compared to FY20, but as this is the first year new revenue recognition has started due to a change in model business related to Covid, nearly 40% of revenue was carried over to subsequent years,” Raveendran said. mint.
“The streamlined growth between FY21 and FY20 is the result of changes to the way the company recognizes revenue, as advised by its auditors.”
She readjusted her net income to ₹2,280 crores for FY21.
Byju’ on a wave of accelerated global expansion
Byju’s, also backed by Mark Zuckerberg’s Chan Zuckerberg initiative, had experienced accelerated global expansion, buying several startups in the United States and elsewhere.
Byju’s had recorded an increase of about 82% in operating revenue from ₹2,381 crore in fiscal year 2019-20. Byju’s has set itself the goal of closing the 2023 financial year with a turnover of approximately ₹17,000 crore.
The company was expected to raise more than $500 million (about ₹3,900 crore) at a valuation of around $23 billion. The company plans to use the financing for the acquisition in the United States.
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