Byju’S expects revenue growth to triple and losses to halve in FY22

By PTI IST (Released)

BYJU’s had recorded a loss of Rs 4,588 crore and revenue of Rs 2,428 crore for the financial year ended March 31, 2021.

Edtech major BYJU expects to triple revenue and halve losses in fiscal 2022, according to a senior company official.

BYJU’s Founder and CEO Byju Raveendran, at a start-up event on Friday, also defended the rope in the football star Lionel Messi as Global Ambassador amid job cuts at the company, saying the decision was made six months ago.

“Speaking to a gathering of entrepreneurs and investors at Tech Sparks 2022, Raveendran said the company, which has more than 150 million learners, is on the right path to profitability as it expects to 3X revenue growth and more than halving losses in FY22,” according to a clip from the event shared by BYJU’s with PTI.

BYJU’s had recorded a loss of Rs 4,588 crore and revenue of Rs 2,428 crore for the financial year ended March 31, 2021.

BYJU co-founder Divya Gokulnath had announced the layoff of about 2,500 people from the company as it carves its way to profitability by March 2023 and hires 10,000 more teachers over the course of the year. coming year, adding to its current staff of 20,000 teachers.

Raveendran said India deserves over 75,000 startups and he sees potential for one million entrepreneurs in the country.

He further argued that if each of these million startups only employs 100 people, there will be 100 million new jobs in India.

“When pressed to discuss the company’s current environment, Byju alluded to the fact that 261 of the company’s 300 founding employees are still with the company and are committed to BYJU’S mission.

“He further stated that four of the five integrations, i.e. acquisitions, are proceeding seamlessly and working well. Aakash, since integrating with BYJU’S, has tripled,” the company’s memo reads.

On hiring Messi as his global brand ambassador, he said the announcement coincided with the layoffs and the decision was made six months ago.

“It is even insane to think that one can hire Messi in 5-7 days. The decision to bring in Messi was taken 6 months ago and the announcement could not have been delayed, due to World Cup window and rules.

“Messi wouldn’t be allowed to make any brand announcements during the World Cup. It’s just a coincidence that the news, the streamlining and the integration of Messi coincided,” he said.

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