Edu-Tech unicorn turn profitable with 3 X revenue growth
17th, December 2019 - News
Indian Startup unicorns are facing heavy loses due to huge cash burn on the operation and to acquire market share. But Bangalore based Edu Tech unicorn BYJUs has announced that it has returned a profit in the financial year 2019. The company increased its net revenue from INR 490 Cr in FY 17-18 to INR 1341 Cr with a net profit of INR 20 Cr. The gross revenues increased from INR 520 Cr to INR 1480 Cr. Moreover, in the current fiscal, the company is planning to nearly double its revenue to INR 3000 Cr in FY20.
BYJU has reached 40millions user last year in which 2.8 millions are paid customer and able to retain customer as their renewal rates are increased to 85% . In the statement it claims that the average number of minute per student has also increased from 64 to 71 minutes per day.
The company is planning to venture in to new product in the segment by the year end. “With 60% of our students based outside the metros, the aspiration and need for quality learning has never been higher. In the current financial year, we are on track to double our revenue to INR 3000 Cr. We will also be launching BYJU’S Online Tutoring which will further accelerate growth and profitability in the coming year,” Byju’s COO Mrinal Mohit said in a press statement.
Founded in 2008 by Divya Gokulnath and Byju Raveendran, BYJU’S offers a learning app, which was launched in 2015 and has learning programmes for students in classes IV-XII along with courses to help students prepare for competitive exams like JEE, NEET, CAT, IAS, GRE, and GMAT.
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