Edtech firm Think and Learn Private Ltd, which operates under the brand name of Byju’s, on Saturday reported audited results for 2022, but only for its core business, not including its multi-billion dollar acquisitions, after a year-long delay due to governance issues and its auditor resigning.
Byju’s parent Think & Learn’s operating losses fell 6 per cent to Rs 2,400 crore ($288.67 million) for its core online education business in 2021-22.
Its core business revenue grew 2.3 times to Rs 3,569 crore in FY22 from Rs 1,552 crore in the previous year.The core business of the company comprises its K12 offering, application and tuition centres.
“The core business has demonstrated good growth, underlining the potential of edtech in India, the fastest-growing major economy. I am also humbled by the lessons learnt in the post-pandemic world of readjustments,” BYJU’S founder and group CEO Byju Raveendran said in a statement.
“BYJU’S will continue on the path of sustainable and profitable growth in the coming years,” he said. The financial numbers released by the company excludes the financial performance of all acquisitions made by the company.
Byju’s, controlled by billionaire Byju Raveendran was one of India’s hottest startups, valued at $22 billion in 2022, but has faced a series of business crises including its auditor Deloitte and board members resigning and a U.S lawsuit disputing terms and payment of a billion dollar loan.“
The takeaways from a uniquely belligerent year, which included nine acquisitions, are life-long learnings,” Raveendran said in a statement.
Backed by investors such as General Atlantic, Prosus and Blackrock, Byju’s has over the past year laid off thousands of employees, seen its investors cut its valuation and seen its results delayed for the second consecutive year. Last September, Byju’s filed its 2021 numbers after a 17-month delay.
During the pandemic, its valuation swelled as more students took online classes, and Byju’s acquired businesses across disparate lines- from coding for children to companies providing executive MBAs.
Byju’s is looking to raise up to $1 billion by selling at least two companies it acquired in 2021- Great Learning and Epic, Reuters reported in September.