Business

BYJU’S turns profitable, targets ₹3,000 cr. in revenue

BYJU’S, the learning app for school students, has on Tuesday said it has turned profitable, on a full-year basis.

It has almost tripled its revenue and aimed to rake it to ₹3,000 crore by March 2020.

As per its audited financial results for the year ending March 31, 2019, the company increased its net revenue from ₹490 crore in FY 17-18 to ₹1,341 crore with a net profit of ₹20 crore in FY 18-19. The company’s gross revenue increased from ₹520 crore to ₹1,480 crore.

Deeper penetration across India and significant growth in the number of paid subscribers have been the primary drivers of growth, said the company.

In January this year, BYJU’S also forayed into the U.S. with the acquisition of Osmo, the U.S.-based learning platform.

“As we step into 2020, we will take a global leap, all driven by the mission to keep learning and encouraging the younger generations to do the same. We are also planning to reach out to deeper parts of India by launching programs in vernacular languages,’’ said the company.

Mrinal Mohit, Chief Operating Officer, BYJU’S said, “We have exceeded our financial goals that we set at the beginning of the year. 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. In the current financial year, we are on track to double our revenue to ₹3,000 crore.’’

BYJU’S has over 40 million registered users and 2.8 million paid subscribers. The average number of minutes a student spends on the app has increased from 64 minutes to 71 minutes per day over the last 12 months and the annual renewal rates are as high as 85%, as per the platform.

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Printable version | Feb 17, 2020 9:08:11 PM | https://www.thehindu.com/business/byjus-turns-profitable-targets-3000-cr-in-revenue/article30332521.ece

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