India’s Byju’s reports: 2021-22 revenue doubles, losses fall 6%

Byju’s Reports Audited Results for 2022, Revealing Challenges Amidst Strong Core Business Performance

Mumbai, Nov 4: On Saturday, India’s leading ed-tech giant, Byju’s, released its audited results for the year 2022. However, the results only encompassed its core business operations, excluding its multi-billion dollar acquisitions, following a year-long delay attributed to governance issues and the resignation of its auditor.

Key Highlights of Byju’s Audited Results for 2022:

1. Core Business Performance: Byju’s parent company, Think & Learn, reported a 6% reduction in operating losses, which amounted to ₹24 billion ($288.67 million) for its core online education business. The company’s core business also showcased robust growth in revenue, with a more than twofold increase to ₹35.5 billion ($426.99 million) for the fiscal year ending on March 31, 2022.
2. Challenges and Crises: Byju’s, led by billionaire Byju Raveendran, was one of India’s most valuable startups in 2022, with a valuation of $22 billion. Nevertheless, the company grappled with several business crises, including the resignation of its auditor, Deloitte, and board members. Additionally, it faced a lawsuit in the United States disputing the terms and repayment of a billion-dollar loan.
3. Learning from Challenges: Byju Raveendran, the founder of Byju’s, acknowledged the tumultuous year the company experienced and emphasized the valuable lessons learned. The challenges, including nine acquisitions, have provided unique learning experiences for the organization.
4. Investor Backing: Byju’s has garnered substantial investments from prominent entities such as General Atlantic, Prosus, and BlackRock. However, over the past year, the company had to lay off thousands of employees, witnessed reductions in its valuation, and endured the delay of financial results for the second consecutive year.
5. Strategic Asset Sales: To address its financial situation, Byju’s is exploring options to raise up to $1 billion by divesting at least two companies it acquired in 2021: Great Learning and Epic.

Byju’s journey reflects the challenges and opportunities inherent in the rapidly evolving ed-tech landscape. Despite its setbacks, the company’s strong core business performance reaffirms its role as a key player in India’s online education sector.

The release of audited results provides transparency and insights into Byju’s operations and financial health, enabling stakeholders to better understand the company’s progress and future strategies. As Byju’s navigates these challenges, its commitment to providing quality online education remains a focal point of its mission.

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