KOCHI: BYJU'S, India’s most popular learning app for school students, has increased the net revenue from Rs 490 crore in 2017-18 to Rs 1341 crore in 2018 - 19 with a net profit touching Rs 20 crore in the year ended March 31.
The gross revenues increased from Rs 520 crore to Rs 1480 crores. BYJU’S is on target to double its revenue to Rs 3000 crore in the current financial year.
"Deeper penetration across India and significant growth in the number of paid subscribers have been the primary drivers of growth. In January this year, BYJU’S also forayed into the US with the acquisition of Osmo, the US-based learning platform.
Mrinal Mohit, chief operating officer, BYJU’S said, "With 60 per cent 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 Rs 3000 crore. We will also be launching BYJU’S Online Tutoring which will further accelerate growth and profitability in the coming year."
He added, "This year, we also launched our product for young learners (Grades 1-3), which completed our learning offerings from grades 1 - 12. We are also planning to reach out to deeper parts of India by launching programs in vernacular languages. 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.
Being the world's most valuable ed-tech company today, we strongly believe that we have the capability to create a global product that can revolutionize learning for students across the world.
As we step into 2020, we will take a global leap, all driven by the mission to keep learning and encouraging the younger generations to do the same."
BYJU’S has over 40 million registered users and 2.8 million paid subscribers.
The average number of minutes a student spends on the app has increased from 64 minutes to 71 minutes per day over the last 12 months and the annual renewal rates are as high as 85 per cent.
Over the years, BYJU’S has become synonymous with personalised and better learning for school students in India through its personalized learning programs.