The company is aiming revenue of $422 million by 2020
Byju’s, the e-education start-up released a statement in which it revealed the net profit of $2.8 million. The total revenue earned for the financial year 2018-19 was $188.8 million. At the same time interval, the company revenue jumped to $208 million from past years $73.2 million. The Bangalore based company valued at $5.75 billion in the earlier financing round at the start of the year told that it is following its planned growth module to get the revenue of $422 million by 31 March 2020.
It is an improvement from the financial year 2017-18 as the company had shown the net loss of $4 million on the revenue of $69 million. The subscription to its online e-learning program has improved over the years, but the strategy adopted by the company received criticism from several quarters.
The small cities and towns are the major contributors
The firm provides customized learning courses for school going children through its app. The teachers break down the complex subject matter by using real-life examples, which makes learning much more easier. As of July 2019, the company has a strong base of 2.4 million paid subscribers and a total of 40 million registered users.
The company also assist students in pursuing higher studies and told that major contributor to its rise come from smaller cities and town. More than 60% of its subscription base is outside of metro cities. The COO of Byju’s, Mrinal Mohit been quite optimistic about the growth of the company as he emphasized how the company is exploring new products related to online tutoring to expand the growth and profit in near future.
He also said, “We have always focused on sustainable growth and our efforts will continue to be on creating learning experiences that will help students become better learners. We strongly believe that we have the capability to create a global product that can revolutionize learning for students across the world.”
