Byju's triples FY19 revenue to Rs 1,430 Cr; targets Rs 3,000 Cr this year
Bengaluru-based edtech company Byju's today announced that it has tripled its revenue to Rs 1,430 crore in FY 18-19, and also turned profitable on a full year basis.
In an official statement, the company said that it crossed Rs 200 crore in monthly revenue and is estimating a revenue of over Rs 3,000 crore this year. The key factors behind this growth in revenue were ‘deeper penetration across India and significant growth in the number of paid subscribers’.
Speaking on the announcement, Byju Raveendran, Founder and CEO of Byju's, said,
“We have witnessed a significant growth in the number of students learning from us and today, 60 percent of our students are from outside the top 10 cities. We are also working on creating learning programmes in multiple regional languages and we believe that this move will truly be a gamechanger in helping students learn in the comfort of their homes and in a language of their choice.”
Launched in 2015, Byju's is a school learning app for students across age groups with programmes in both English and Hindi. The company is also working on creating learning programmes in different regional languages to ensure that students across regions can access quality learning content and teachers.
With 35 million registered students and 2.4 million annual paid subscriptions, Byju’s app is available on Google Play Store and Apple App Store. It is used by students everyday from more than 1,700 cities. The average time a student spends on the app has increased from 64 minutes to 71 minutes over the last 12 months.
In March this year, the company secured Rs 214 crore in funding from its existing investors - New York-headquartered equity firm General Atlantic and Chinese conglomerate Tencent - for global expansion, according to filings with the Registrar of Companies (RoC).
Post funding, the company was valued at over $5 billion.