Byju’s co-founder and director Divya Gokulnath claimed that that despite the Rs 12.5 crore loss they suffered every day in FY 21, the company made Rs 27 crore in revenue per day in FY22. (Image credit: LinkedIn)
Byju’s co-founder and director Divya Gokulnath on Tuesday claimed that the educational technology company is a blockbuster release, just like Ranbir Kapoor and Alia Bhatt starrer Brahmastra.
Taking to LinkedIn, Gokulnath wrote, “The second blockbuster release of this year, after Brahmastra, was Byju’S financial results. I have not seen Brahmastra yet, but I do happen to know Byju’s results. Because, as its director, I was involved in its making.”
She also hit out at media organisations for “sensationalism” in headlines. “I have never had any problems with the stories written about us,” Divya Gokulnath wrote.
“In fact, the content of most of the report on our results is positive. But the headlines are another matter. It’s easy for forget in the flood of negative headlines that we are 18 months post FY21, and that Byju’s has grown more than 4 times in this span. Or that our ‘widening losses’ in FY21 have been cut to half in FY22.”
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The Byju’s co-founder also claimed that the edtech company bagged more than Rs 1,000 crore in revenue every month this year. She then proceeded to breakdown five news reports adding clarifications for some and rubbishing the others.
Gokulnath added in the LinkedIn post that despite the Rs 12.5 crore loss they suffered every day in FY 21, Byju’s made Rs 27 crore in revenue per day in FY22.
Read more: Byju’s becomes the world’s most-expensive edtech after FY21 revenue decline
The Byju director’s clarification comes in after the company reported a Rs 4,500 crore loss in FY21, nearly 17 times the Rs 262 crore loss in FY20 (2019-20), with industry leaders such as Harsh Goenka and Kiran Mazumdar-Shaw questioning the company’s valuation.
“Byju’s revenues – 2,280 crore; Byju’s losses- 4,588 crore (increases 17 times). That means you give me Re 1 and I will return Rs 2. Valuation- $22 billion (number 1 among startups). Hottest sector to invest- edutech. Nothing is making sense to me! Can anyone explain please?” Goenka had tweeted.
Byju’s revenue – 2280 cr
Byju’s losses – 4588 cr (increases 17x)
That means you give me Rs 1 and I will return Rs 2
Valuation -$22bn (#1 among startups)
Hottest sector to invest – Edutech
Nothing is making sense to me! Can anyone explain please?— Harsh Goenka (@hvgoenka) September 15, 2022
To which Biocon chief Mazumdar-Shaw responded, “It’s like virtual reality – now you see it now you don’t. Valuations just don’t stack up n yet real businesses are under valued! (sic)“.
Read more: MC Explains | Byju’s: How does it earn money and where does it spend?