Education start-up Byju’s aims Rs1,400 crore revenue this year
PremiumByju's claims that it is one of the few Indian unicorns that has become profitable within a very short period of time since it launched its learning app in 2015
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Bengaluru: Online education start-up Byju’s said it crossed Rs100 crore in monthly revenue last month and upped its revenue goal for this year to Rs1,400 crore.
Byju’s has been growing at 100% annually consistently for the past three years, the company said on Wednesday. It also claimed that it is one of the few Indian unicorns that has become profitable within a very short period of time since it launched its learning app in 2015.
“The launch of the personalised version of our app last year further helped us boost engagement and enhanced the learning experience for our students. Our students and parents trust, understand, and believe that our products add immense value to them and this constantly motivates us to create unique and innovative learning programs for them," Byju Raveendran, founder and chief executive officer said.
Apart from its flagship learning app, aimed at students studying in classes 6 to 12, the company launched another learning app last year for students in classes 4 and 5. The launch of that app helped accelerate growth, Byju’s said. It now plans to launch an exclusive app for students studying in classes 1-3 by the end of this year.
The company’s learning app now has 20 million registered students and 1.26 million annual paid subscribers. It adds around 1.5 million registered students every month.
Other education platforms have also seen an increase in user traffic. Unacademy’s (Sorting Hat Technologies Pvt Ltd) sharp increase in user traffic made it an attractive asset for investors. It was in talks to raise $30-35 million less than six months after it raised its previous funding round, three people familiar with the discussions said in February.
Late last year, another online education start-up—Springboard—raised $9.5 million in a Series-A funding round led by Costanoa Ventures, with participation from Learn Capital and Appdynamics founder Jyoti Bansal. Springboard provides courses for professionals.
According to a KPMG-Google report released in May, the online higher education market alone is expected to touch $1.96 billion by 2021.
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