Byju’s, the country’s most-valuable edtech startup backed by Tiger Global Management, on Wednesday reported gross revenue of around ₹10,000 crore in financial year 2022, after posting a revenue of ₹2,428 crore in the previous year. Revenue for the first four months of this fiscal year stood at ₹4,530 crore.
Further, the company said almost 40% of its revenue in financial year 2021 was deferred to subsequent years due to adoption of a new revenue recognition.
Byju’s net loss widened to ₹4588.75 crore for the fiscal year ending 31 March, 2021 from a comprehensive loss of ₹231.69 crore it incurred in for fiscal year ended 31 March,2020, the company results show.
The company had earlier informed the Ministry of Corporate Affairs in July that it will announce its financial result on 6 September. The MCA had issued a notice to Byju’s for the delay in filing the financial result.
The delay in filing is due to consolidating the accounts of a number of companies that the online education provider acquired during the accounting year, the company has replied to MCA.
Calling the blip as a result of the change in financial reporting structure, Byju Raveendran, the founder and CEO of the company said in an interview with Mint today morning that subsequent year’s results will show a stronger financial growth and uptick in numbers.
“There was significant business growth in FY 21 over FY 20, but since this is the first year where new revenue recognition started because of a Covid related business model change, almost 40% of the revenue was deferred to subsequent years,” Raveendran told Mint.
“The rationalized growth between FY 21 and FY 20 is a result of the changes made in the way the company recognizes its revenue, as advised by its auditors.”
It has readjusted its net revenue to ₹2,280 crore for FY21.
Byju’ on an accelerated expansion spree globally
Byju’s, also backed by Mark Zuckerberg’s Chan Zuckerberg Initiative, had been on an accelerated expansion spree globally, buying multiple startups in the US and elsewhere.
Byju’s had posted around 82% increasing operating revenue of ₹2,381 crore in the financial year 2019-20. Byju’s has set a target to close FY2023 with revenue of around ₹17,000 crore.
The company was expected to raise over $500 million (about ₹3,900 crore) at a valuation of around $23 billion. The company is planning to use the funding for acquisition in the US.
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