Byju’s, the edtech startup, has finally released its audited FY22 financials after a significant delay. Unfortunately, the results show that the core business continues to incur losses. The company reported EBITDA losses of Rs 2,253 crore in FY22, only slightly lower than the losses of Rs 2,406 crore in FY21. However, revenues witnessed a significant increase, reaching Rs 3,569 crore in FY22 compared to Rs 1,552 crore in FY21.
The core business of Byju’s excludes any acquisitions made by the company, such as Aakash Educational Services and WhiteHat Jr. It primarily includes the K-12 segment, tuition centers, and the online exam prep division. It is important to note that Byju’s entered the offline tuition center space in February 2022, so the FY22 results mainly reflect the performance of the K-12 business. A company spokesperson mentioned that the financials are yet to be filed with the Ministry of Corporate Affairs.
Byju Raveendran, the founder of the company, acknowledged the challenges faced during the year but emphasized the growth potential of edtech in India, the fastest growing major economy. Byju’s was once valued at $22 billion and attracted significant investments from prominent investors. However, in recent times, it has faced crises, including disputes with lenders and scrutiny from regulators following the resignation of its former auditor and board members.
In a message to employees, Raveendran expressed confidence in overcoming the challenges and stated that the company would soon begin the audit process for FY23. He also highlighted the progress made in overcoming the difficulties step by step.
Unique Perspective: Education technology has become increasingly popular in India, especially in light of the COVID-19 pandemic. Byju’s, being a prominent player in the edtech industry, has faced its fair share of obstacles. Despite the losses incurred by its core business, the company’s ability to attract investors and its revenue growth suggests the immense potential of edtech in India’s education landscape. As the demand for online learning continues to rise, it will be interesting to see how Byju’s adapts and addresses its financial challenges to sustain its growth in the long run.
