Byju's founder and CEO Byju Raveendran. (Photo | AFP)
BENGALURU: Edtech major Byju's has reported consolidated loss of Rs 4,588 crore in FY21 compared to Rs 262 crore in the previous fiscal. After an almost 18 months' delay, Byju's parent Think and Learn on Wednesday disclosed its financial results for FY21.
The company has received an unqualified report for FY21 from its auditor, Deloitte Haskins & Sells. The revenue for FY 21 of the group stood at Rs 2,428 crore.
"There was significant business growth in FY 21 over FY20, but since this is the first year where new revenue recognition started because of a COVID related business model change, almost 40% of the revenue was deferred to subsequent years," Byju's said in a statement.
The rationalised growth between FY21 and FY20 is a result of the changes made in the way Byju's recognises its revenue, as advised by its auditors, the company said.
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The edtech company has registered nearly Rs 10,000 crore in gross revenues in FY22 and its K-12 education business is showing accelerated growth. Between April - July 2022, the company logged a revenue of Rs 4,530 crore.
Byju's has acquired many companies- Aakash, Great Learning, Toppr, Osmo and Gradup- in recent times.
Also, Aakash in the test prep segment and Great Learning in the higher education segment have doubled their revenues since acquisition. Osmo and Epic! are scaling up rapidly in North America, in terms of both adoption and engagement, the company said.
With a 50,000-employee base globally, the edtech major plans to hire a total of 10,000 more teachers in the coming year, adding to its current strength of 20,000 teachers.
