India’s Edu- tech Startup Byju’s Turns Profitable
India’s first edu- tech company Byju’s has achieved another benchmark and has reportedly turned profitable. In the financial year ending March 2019, the startup is said to have reached ₹14.3 billion. However it has not shared the net profit figures.
However, these swollen revenues come at the back of increase in its paid user base, which now stands at 2.4 million. This number has doubled from last year, when it stood at 1.26 million in June 2018.
The ability of this online tutorial startup to capture paying public, enabled its entry into the super exclusive profiteers club.
“The growth in revenue was fuelled by deeper penetration across India and significant growth in the number of paid subscribers,” said the company’s statement. While it has never officially reported it, Byju’s has reached breakeven last year, within eight years of its existence.
It now plans to enter the global market and more specifically, the US. Recently, Byju’s acquired a US-based platform for educational games for $120 million. It is also partnering with Walt Disney to introduce a new early learning app for kids.
Byju’s last reported valuation was at $5 billion after it raised funding of ₹214 crores (MILLION) in March 2019. The investment came from NY-based General Atlantic and Chinese VC firm Tencent.
The eight-year old startup was founded by a teacher named Byju Raveendran. Over the years, the startup has steadily gained popularity and had even signed bigwigs like Bollywood’s Shah Rukh Khan and Telugu superstar Mahesh Babu as brand ambassadors.