© Reuters.
Indian edtech firm, Byju’s, has reported an increase in its FY22 revenue to Rs 3,569 crore, up from Rs 1,552 crore in FY21. However, the company has also reported an EBITDA loss of over Rs 2,250 crore for its standalone business. The parent company of Byju’s, Think & Learn Pvt. Ltd., also experienced a rise in revenue and a reduced EBITDA loss of Rs 2,253 crore from Rs 2,406 crore year-on-year.
The past year has been marked by several challenges for Byju’s, including nine acquisitions, mass layoffs, and a wave of resignations. Notable among these resignations were Chief Business Officer Pratyusha Agarwal and auditor Deloitte, along with three key investor representatives. These issues were accompanied by a thirteenfold increase in losses in FY21 due to changes in accounting practices and deferred revenues.
Despite these hurdles, CEO Byju Raveendran remains optimistic about the company’s future. The company had projected a revenue of Rs 10,000 crore in unaudited FY22 numbers but faced valuation cuts by prominent investors and searches by the Enforcement Directorate.
Currently, Byju’s is behind on its FY23 results and has been grappling with disgruntled employees voicing their concerns on social media.
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