Business

Byju’s 2021 financial loss amounts to $574 million, boosting listing plans

BENGALURU: Tiger Global Supported ByjuOn Wednesday it reported a loss of Rs 4,564 crore ($574.06 million) for fiscal year 2021 due to increased staffing and promotion costs, with the edtech startup pushing its listing plan to next year due to regulatory changes. uncertain global events.
Byju’s is reporting results for fiscal 2021 after a delay of more than 17 months.
Byju’s said the company’s revenue fell 3.3% to Rs 2,428 as the company deferred about 40% of its revenue for subsequent years when adopting the new revenue recognition model.
Educational technology has been one of the few sectors that has thrived since the outbreak of the pandemic as closures forced schools to close for months.
Online learning platforms like Byju’s have been gaining ground, although demand has begun to wane with the reopening of schools and global economic uncertainty.
Byju’s says total revenue for fiscal year 2022 is close to Rs 10,000 crore, while revenue for the first four months of the current fiscal year is Rs 4,530 crore.
Unfavorable macroeconomic conditions also forced Byju’s to push the listing plan to next year.
Byju Raveendran, co-founder and chief executive officer, told Reuters: “We were looking for listings somewhere this year that will now be pushed out. “Now the timeline is the end of next year, assuming that the macro will improve.”
Officially known as Think & Learn Pvt, Byju’s will participate in a series of popular IPOs after Paytm, backed by Zomato, Nykaa and Ant Group goes public. Tech companies have benefited greatly from foreign institutional capital outflows this year as they profited from the tech crackdown in China.
In addition to Tiger Global, Byju’s, founded in 2011, also has Sequoia, General Atlantic, BlackRock and Meta Platforms, chief executive officer Mark Zuckerberg’s Chan-Zuckerberg Initiative among its investors.

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