Byju’s Lost Rs 7 Crore/Day In Last 365 Days; Reports 30% Low Revenues

Edutech startup Byju’s standalone business has reported a loss in financial year 21 (2020-21). The business had recorded quite some profit in the previous year FY20 (2019-20). 

As per reports, the revenue of Byju’s has declined by 30 percent as compared to lasst year’s numbers. 

Byju’s Suffers 30% Loss in FY 2020-2021

According to the company’s most recent filings with the Ministry of Corporate Affairs (MCA), Byju’s reported a net loss of Rs 2,702.14 crore in FY21 on a standalone basis, down from a profit of Rs 7.39 crore a year earlier. These filings state that the operating revenue decreased from Rs 1,918.25 crore to Rs 1,378.51 crore.

Due to the lockdown that was imposed due to the COVID-19 restrictions, millions of students turned towards online education. While competitors Unacademy and Vedantu saw their revenues soar, while Byju saw a decline, with total revenue falling to Rs 1,551.64 crore in FY21 from Rs 2,242.05 crore in FY20. As per reports, the revenue for FY21 increased four times for Vedantu and Unacademy alike.

As per reports, Byju’s also had to adjust its standalone numbers as a result of auditor Deloitte’s recommendation to change its revenue recognition system. 

Byju’s Offered Unsecured Loans

The company reported operating income of Rs 2,110 crore in FY20, per the company’s FY20 filings. The new amount is Rs 1,918.25 crore. The company reported a profit of Rs 50.76 crore for FY20, which was revised to Rs 7.39 crore.

In the filings, it was also mentioned that Byju’s offered unsecured loans to four companies in FY21 for working capital requirements. Byju’s K-3 Education Pvt. Ltd. received a loan from it for Rs 140 crore at an interest rate of 7.30 percent and another loan for Rs 604 crore at an interest rate of 6.25 percent. 

Additionally, the business provided WhiteHat Junior with an unsecured loan for Rs 1,867.69 crore with a 6.25 percent interest rate. WhiteHat Junior owed the business Rs 1,806.40 as of March 31, 2021.

In September, we reported that Byju’s revenue has fallen by 3% over the past year on a consolidated basis, as confirmed by Byju Raveendran, Founder and CEO of the Indian edutech startup.