News Karnataka
Wednesday, October 05 2022
Technology

BYJU’s logs nearly Rs 10K crore revenue in FY22, tops estimates

BYJUs logs nearly Rs 10K crore revenue in FY22 tops estimates
Photo Credit : IANS

New Delhi: While all eyes are on BYJU’s much-awaited FY21 financial results that were set to be revealed on Wednesday, the edtech major has registered nearly Rs 9,991 crore in revenues in its FY22 financial results and its core K12 education business is growing very fast, top sources have revealed.

In six months from February 2022 till July 2022, the company logged Rs 6,175 crore revenue, breaking all previous sales records, three people close to the matter told IANS.

This is a substantial gain from its FY20 financial report, when the company registered revenue of Rs 2,434 crore with a net profit of Rs 51 crore.

BYJU’s investors were ecstatic at the company’s growth in the core business in the recently-concluded meeting, sources told IANS, as the company logged 50 per cent growth (year-on-year) in its core K12 India business at Rs 1,205 crore, leaving no competition anywhere near it.

After getting acquired by BYJU’s for $1 billion last year, Aakash Educational Services (AESL) has transformed into a hybrid edtech firm, expanding rapidly across the country, which is one of the key reasons behind BYJU’s FY22 success.

Meanwhile, after nearly 18 months delay of “ironing out the complexities”, edtech major BYJU’s was all set to reveal its financial report for FY21.

The company had received an ‘unqualified’ report from auditor Deloitte late last month.

According to sources, there may be a substantial difference between the projected sales and the audited revenue in BYJU’s FY21 financial results.

Last valued at $22 billion, BYJU’s has so far raised over $6 billion in funding, and aims to file an IPO in the US through the Special Purpose Acquisition Company (SPAC) route.

The company is likely to raise over $500 million (nearly Rs 3,900 crore) at a valuation of around $23 billion soon.

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