Bengaluru-based edtech startup Byju’s parent company Think and Learn has posted a net profit of ₹20.16 crores in FY19 from a net loss of ₹28.65 crores on a standalone basis in FY18, as reported by ET.
In the Indian startup ecosystem where the startups are consumed with increasing revenues and grabbing market share at the cost of burning through their reserves, Byju’s is leading the way for Indian unicorns by growing its gross revenues from ₹520 crores in FY18 to ₹1480 crores in FY19 while staying profitable. Furthermore, Byju’s is looking to double its revenues to 3000 crores in FY20.
These profits are posted in spite of the growing expenses for the startup, which rose from ₹518.52 crores to ₹1321.65 crores during FY18-19.
Talking about Byju’s growth, Mrinal Mohit, Byju’s Chief Operating Officer, said, Expanding our base across smaller towns and cities and introducing new products have been pivotal to our growth. Our performance is a reflection of the increasing acceptance and adoption of digital learning across India. With 60% of our students based outside the metros, the aspiration and need for quality learning has never been higher.”
Byju’s boasts of garnering over 40 million subscribers with 2.8 million paid subscribers. With a valuation of $6.5 billion, the startup has emerged as one of the leading unicorns in the country.
Expanding its array of services, Byju’s along with Disney also launched an Early Learn App for children aged six to eight this year.
Earlier this year, Byju’s raised $150 million from Qatar Investment Authority and Owl Ventures. So far, the edtech startup has raised nearly $970 million across all funding rounds. Some of its power investors include the likes of General Atlantic, Tencent Holdings, Sequoia Capital India, Naspers and Sofina.