Online education startup BYJU’S has reduced its consolidated loss to Rs 8.82 crore, while registering manifold in revenue from operations, according to regulatory documents.
Think & Learn Pvt Ltd, the entity that runs BYJU’S, reduced its loss to Rs 8.82 crore in the fiscal ended March 2019 from a loss of Rs 37.15 crore in FY18, documents sourced by Paper.vc showed.
Revenue from operations also increased to Rs 1,305.92 crore in FY19 from Rs 471.18 crore in FY18, it added.
Its total income increased to Rs 1,366.98 crore in FY19 from Rs 500.21 crore in the previous financial year, the document showed.On a standalone basis, the company registered a profit of Rs 20.16 crore in FY19, compared to a loss of Rs 28.65 crore in previous fiscal.
The standalone revenue from operations increased to Rs 1,281.08 crore in FY19 from Rs 460.87 crore in the preceding fiscal.In a statement, BYJU’S said its net revenue increased from Rs 490 crore in FY17-18 to Rs 1,341 crore with a net profit of Rs 20 crore in FY18-19.
Its gross revenue increased from Rs 520 crore to Rs 1,480 crore.
The company statement said deeper penetration across India and significant growth in the number of paid subscribers have been the primary drivers of growth.
In January this year, BYJU’S also forayed into the US with the acquisition of Osmo, the US-based learning platform.
“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,” BYJU’S Chief Operating Officer Mrinal Mohit said.