Tiger Global-backed edtech startup Byju’s on Wednesday reported gross revenue of nearly 100 billion rupees ($1.26 billion) in fiscal year 2022, after posting a revenue of 24.28 billion rupees in the previous year.
Revenue for the first four months of this fiscal year stood at 45.30 billion rupees.
Byju’s said almost 40 percent of its revenue in fiscal year 2021 was deferred to subsequent years due to adoption of a new revenue recognition.
Byju’s reported a loss of 45.64 billion rupees ($574.06 million) for the 2021 fiscal year as promotion and employee expenses rose.
Byju’s is reporting results for fiscal 2021 after a delay of more than 17 months.
Apart from Tiger Global, Byju’s, founded in 2011, counts Sequoia, General Atlantic, BlackRock and Meta Platforms chief executive Mark Zuckerberg’s Chan-Zuckerberg Initiative among its investors.
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 percent of the revenue was deferred to subsequent years.
“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,” Founder and CEO Byju Raveendran said.
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. 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 percent 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.
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.