BYJU's Revenue In FY22 Exceeds By Nearly ₹10K Crore

Top sources reveal that BYJU's FY21 financial results, which were due to be announced on Wednesday, are all the focus of attention. However, the edtech giant has reported nearly Rs 9,991 crore revenues for FY22 and its core K12 education division is growing rapidly, while most eyes are focused on BYJU's eagerly awaited FY21 financial reports. Three people familiar with the matter said that the company generated Rs 6,175 crore in six months, from February 2022 to July 2022. This was more than any previous sales record.

This is a significant increase from the FY20 financial report when the company reported revenue of Rs 2,434 Crore and a net profit of Rs 51 Crore. Sources told a news agency that BYJU's investors were thrilled at the company's core business growth at the recent-concluded meeting. The company saw a 50% increase (year-on-year) in its core K12 India company at Rs 1,205 crore. There was no competition.

Aakash Educational Services (AESL), which was acquired by BYJU's last year for $1 billion, has become a hybrid edtech company, expanding quickly across the country. This is one of the main reasons BYJU's FY22 success. After nearly 18 months of delay in "ironing out all the complexities", BYJU, an edtech giant, was ready to release its financial report for FY21.

Late last month, Deloitte issued an "unqualified" report to the company. Sources suggest that there could be a significant difference in the projected sales and audited revenue for BYJU's FY21 financial reports. BYJU's was last valued at $22billion. It has raised more than $6 billion in financing and plans to file an IPO in America through the Special Purpose Acquisition Company route (SPAC). It is expected that the company will raise more than $500 million (nearly Rs 3900 crore) for a valuation of approximately $23 billion.