Byju’s posted operating revenue of Rs 2,381 crore in FY20, up from Rs 1,306 crore in FY19 while its annual expenses jumped 119% to Rs 3,022 crore from Rs 1,377 crore, regulatory filings by the company showed.
The Bengaluru-based decacorn—valued at $16.5 billion—earned almost three times more from sale of educational tablets and SD cards than from sale of reference books. It sold devices worth Rs 1,676 crore and books worth Rs 561 crore in FY20.
The company has been
on an acquisition spree, buying four companies in the last six months. Earlier this year, it
acquired Aakash Educational Services Ltd. (AESL) in an effort to strengthen its presence in the test preparation segment in a near $1-billion (about Rs 7,300 crore) deal. It was said to be the most expensive acquisition in India’s edtech industry.
Byju’s, which already has a string of marquee investors, including Tiger Global, Sequoia Capital, Lightspeed Venture Partners, Qatar Investment Authority, Owl Ventures and World Bank’s International Finance Corporation, is in talks with more to raise another $1 billion, according to reports. It is likely to go public next year.
It recently expanded in overseas markets through
its ‘Future School’ offering, which has subscribers in the US, UK, Brazil, Indonesia and Mexico.
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The Indian edtech market
has boomed following the Covid-19 pandemic and is expected to grow 10 times over the next five years to reach $5 billion by 2025, according to consulting firm RedSeer. The industry’s market size is currently $700-800 million.
( News Source -Except for the headline, this story has not been edited by Rashtra News staff and is published from a economictimes.indiatimes.com feed.)
