BENGALURU: Edtech firm Byju's saw its net loss widen to Rs 8,245 crore in FY22 from Rs 4,564 crore in FY21.
The company on Wednesday filed its FY22 financials with the Ministry of Corporate Affairs (MCA) and it showed loss before tax at Rs 8,370 crore and EBITDA at Rs 6,679 crore compared to Rs 4,143 crore in FY21.
Byju's cleared its FY22 results at its annual general meeting held in December last year, and filed its financials with MCA only on Wednesday.
Its total income grew 2.2x in FY22 to Rs 5,298.43 crore from Rs 2,428.39 crore in the year-ago period.
Nitin Golani, Chief Financial Officer of Byju's said, "We would like to thank our students for the growth we have seen in FY 22. Our subscriber base has grown 125 per cent in the year from FY 21. While we are happy that our total income has grown 2.2X, we are also aware of our underperforming businesses like Whitehat Jr and OSMO which contribute to 45 per cent of the losses."
Golani said the firm has taken various measures to improve its operating financial conditions. "These businesses were scaled down significantly to cut losses in the subsequent years while other businesses continue to see growth," Golani added.
Earlier in September, it reported an EBITDA loss of its core business to Rs 2,253 crore in FY22.
Aakash and Great Learning have been performing well for Byju's, as they grew 40 per cent and 77 per cent respectively immediately after acquisition.
Excluding WhiteHat Jr and OSMO, the edtech firm saw 3x growth in total income in FY22. Byju's had acquired Osmo for USD 120 million and WhiteHat Jr for USD 300 million.
Recently, BlackRock has cut down Byju's valuation to USD 1 billion. The edtech firm was once valued at USD 22 billion and now according to reports, the firm is looking to raise new funds at less than USD 2 billion valuation.