By Manish Singh
One of India’s biggest tech startups is no longer losing money. Education tech startup Byju’s on Tuesday posted a net profit of $2.8 million on revenue of $188.8 million in the financial year that ended in March this year.
During the same period, Byju’s revenue increased to $208 million, from $73.2 million a year ago. The eight-year-old Bangalore-headquartered startup, which was valued at $5.75 billion in its previous financing round earlier this year, said it is on track to double its revenue to $422 million by March 31, 2020.
Anita Kishore, Chief Strategy Officer at Byju’s, told TechCrunch in an interview on Wednesday clarified that the startup has included taxes and all other expenses in its net profit. “We are profitable now,” she said.
In comparison, Byju’s had reported a net loss of $4 million on revenue of $69 million in the fiscal year that ended in March last year.
The improvement in the the startup’s financial comes as it works on courting students to its subscription service — though its tactic to sign up customers has received some criticism (paywalled).
The startup, which helps all school-going children understand complex subjects through its app where tutors use real-life objects such as pizza and …read more
Source: Tech Crunch