New Delhi, Sep 13 : While all eyes are focused on BYJU’s highly-anticipated FY21 financial results, which are scheduled to be released on Wednesday, the edtech giant has earned more than 999 crore rupees in revenue in FY22, and its core education and K12 business is growing rapidly according to top sources.In the six months that ran from February 2022 to July 2022, the firm recorded a revenue of Rs 6,175 crore surpassing all previous records for sales three people with knowledge of the issue said to IANS.
This is a significant increase from the FY20 financial report, in which the company reported a profit of 234 crore rupees with net profit of 50 crore.
BYJU’s investors were delighted with the growth of the business in the K12 India business in the meeting that was recently concluded sources said to IANS that the company saw 50 percent expansion (year-on-year) in its core K12 India business, which was worth 1205 crore.This leaves no competition in the area.
After being bought by BYJU’s for $1 billion in the year before, Aakash Educational Services (AESL) has evolved into a hybrid educational technology company that is rapidly expanding across the country.
This is one of the main reasons behind BYJU’s successful FY22.
After nearly 18 months of “ironing out the complications” BYJU, the edtech major, was all set to unveil its financial report for FY21.
The company received an unqualified report from the auditor Deloitte in the last week of December.
According to some sources, there could be a significant gap between the sales forecast and the actual revenue in BYJU’s FY21 financial records.
At the time of writing, it was valued at $22 billion, BYJU’s has so far raised more than $6 billion in funds, and plans to launch an IPO in the US via the Special Purpose Acquisition Company (SPAC) method.
The company is expected to raise more than $500 million (nearly 3900 crore) at a price of around $23 billion within the next few days.
na/vd
