One of India’s most valued and celebrated tech companies, Byju’s, has revealed that the company is now no longer losing money in its operations. The company has posted a net profit of $2.8 million against revenue of $188.8 million in the financial year that ended in March this year.
Anita Kishore, Chief Strategy Officer at Byju’s, has clarified that the startup has included taxes and all other expenses in its net profit.
In the financial details shared by the company, it is reported that the company’s revenue in the same period increased to $208 million from $73.2 million a year ago. It had reported a net loss of $4 million on revenue of $69 million in the fiscal year that ended in March 2018.
Further, the company claims that it is on track to double its revenue to $422 million by March 2020. So far, the company has raised around $925 million and earlier this year, it was valued at around $5.75 billion.
Byju’s is an online learning platform, that helps school-going children understand complex subjects through its own apps, where tutors use real-life objects to explain concepts. As per the company, it now has 2.8 million paying subscribers and the platform has 40 million registered users.
The improvement in the company’s financial situation comes as the firm is working on courting students to its subscription service. However, the company’s tactics to sign up customers have been criticised by many.
Byju’s has employed an aggressive sales army to sell its premium educational content. It is also offering consumer finance, helping parents break the accessibility barrier. However, deliberate miscommunication about loan and trial period is turning parents into defaulters.