BYJU’S loss widens to Rs 8,245 crore in FY22

Troubled edtech company BYJU’S loss widened to Rs 8,245 crore in financial year 2022 from Rs 4,564 crore in the previous financial year, as per a filing with the Ministry of Corporate Affairs.

The company said its consolidated revenue rose 2.2 times or about 120 per cent to Rs 5,298 crore from Rs 2,428 crore in FY21.

Nitin Golani, Chief Financial Officer, BYJU'S said that the major chunk of losses came from underperformance in Whitehat Jr and OSMO. which contribute to about 45 per cent of the losses under the period.

Whitehat Jr and OSMO contributed about 45 per cent of the losses for the period under review.

“While we are happy that our total income has grown 2.2X, we are also aware of our underperforming businesses like Whitehat Jr and OSMO which contribute to 45 per cent of the losses. We have taken various measures to improve our operating financial conditions. These businesses were scaled down significantly to cut losses in the subsequent years while other businesses continue to see growth," he said.

WhiteHat Jr had a total income of Rs 326.67 crore in FY21, this reduced about 10 per cent to Rs 295 crore in FY22.

Golani also claimed that their subscriber base rose 125 per cent in the year from FY 21.

As per the filing, the company claimed Aakash grew 40 per cent immediately after acquisition, while Great Learning registered growth of 77 per cent.

BlackRock among others had last year cut down BYJU’S valuation to $1 billion, and the firm is looking to raise funds at less that $2 billion valuation while it was once valued at $ 22 billion, as per reports.