According to various reports, Byju has posted its surprise fall which shows a 20 times increase in losses in the financial year 2021. Read the entire article to learn more about this news piece.
About the financial status of the company
“If this can’t break us, nothing will,” said Byju Raveendran, Founder, and CEO of India’s most-valued startup Byju’s, as he revealed his company’s FY21 (2020-21) financials after a year-long wait. “During COVID, we gave streaming access to a lot of our users because of shipment delays. (Byju’s also sells Tablets and SD cards as a part of its subscription) And that had to be changed. The revenue had to be recognized across the period of consumption,” Raveendran told Moneycontrol in virtual interaction. “Secondly, on account of credit sales, EMI (equated monthly installments) sales, recognition was based on a significant collection of that. Revenue was recognized after completion of the collection. These were the two additional changes that had to be made,” Raveendran added. It has been reported that the company has been facing losses year after year. In this financial year, the company recorded a loss of about 4589 crore rupees loss which is estimated to be 20 times of the loss that the company faced in the previous year.
For people who are not that well aware of Byju’s, it is basically a learning app. It has made use of technology to make studies convenient and easy for students. It has a lot of programs that the students can enroll in along with regular teaching subjects that the children can enroll in, to excel in their class. They hire well-qualified and experienced staff who help students reach their potential by solving their problems and responding to queries as soon as possible. The company has big firms like Disney and Google as its partners which helps make its job easier and it’s content more attractive and interesting for the students. It is currently being headed by Byju Raveendran.
About Byju Raveendran
Byju Raveendran is the person who is currently heading Byju’s. He also happens to be the co-founder of the app along with his wife. An inspiration for many blooming entrepreneurs, Byju’s was his brainchild. He scored really well in his exams and then used to help others also with his exam. Slowly he discovered his passion, left his job, and then came Byju’s, an educational app that he founded along with his wife.