After a year-long delay caused by governance concerns and the resignation of its auditor, Edtech company Think and Learn Private Ltd, which goes by the name Byju’s, finally released audited numbers for 2022 on Saturday. However, these figures only covered the company’s core operations and excluded its multibillion-dollar acquisitions.
In 2021–2022, Byju’s parent company Think & Learn’s operational losses for its main online education business decreased by 6% to Rs 2,400 crore ($288.67 million). From Rs 1,552 crore in FY21 to Rs 3,569 crore in FY22, its core business income increased by 2.3 times.
The company’s K12 product, application, and tuition centers make up its primary business.
The primary company has grown well, highlighting edtech’s promise in India, the main economy with the quickest pace of development. Byju Raveendran, the group CEO and creator of BYJU’S, stated in a statement, “I am also humbled by the lessons learned in the post-pandemic world of readjustments.”
In the next years, “BYJU’S will continue on the path of sustainable and profitable growth,” he said. The company’s financial performance does not include the results of any acquisitions it has made.
Controlled by billionaire Byju Raveendran, Byju’s was one of India’s most promising businesses, estimated at $22 billion in 2022. However, the company has seen a number of financial setbacks, including resignations from board members and its auditor Deloitte, as well as a lawsuit from the United States contesting the terms and repayment of a $1 billion loan.
In a statement, Raveendran said, “The lessons from a uniquely belligerent year, which included nine acquisitions, are life-long learnings.”
Supported by financiers including General Atlantic, Prosus, and Blackrock, Byju’s has fired thousands of workers in the last year, had its investors reduce its value, and had a two-year delay in its results.
After a 17-month delay, Byju’s submitted their 2021 figures in September of last year. Its worth increased during the pandemic as more students enrolled in online courses and Byju’s bought firms in a variety of industries, from those offering executive MBAs to those teaching toddlers to code.
According to a September Reuters article, Byju’s plans to sell at least two of the firms it purchased in 2021—Great Learning and Epic—in order to raise up to $1 billion.