BYJU’S, the most valued edtech firm in India, recorded a loss of INR 4,588 Cr in the fiscal year 2020–21, a significant 1,880% or 19.8X increase from a loss of INR 231.69 Cr in FY20.
WhiteHatJr’s significant cash burn was mentioned by the company as one of the factors contributing to the sharp increase in loss when the financial accounts were finally made public on September 14 after a wait of nearly a year.
In August 2020, BYJU’S bought the code-learning platform WhiteHat Jr. in a historic $300 Mn acquisition. WhiteHat Jr. lost INR 1,690.4 Cr in FY21, according to its standalone financials.
BYJU’S unaudited consolidated financial accounts show that the company’s overall revenue fell by 3.3% to INR 2,428.3 Cr in FY21 from INR 2,511.7 Cr the year before.
Operations revenue for the company for the year reached INR 2,280 Cr, a slight jump from INR 2,188.9 Cr in FY20. Due to high marketing and acquisition costs, total expenses increased by 144.5% to INR 7,027.4 Cr from INR 2,873 Cr in FY20.
The startup’s “business promotion expenses,” which amounted to INR 2,250.9 Cr, made up 32% of the overall costs. In FY20, it invested INR 899.3 Cr in business promotion.
Additionally, BYJU’S made a lot of hiring during the COVID-affected year, which was reflected in its employee benefit costs. As opposed to INR 420 Cr in FY20, the company spent INR 1,943.3 Cr on staff expenses in FY21. The costs associated with employee benefits typically include salary, PF contributions, bonuses, and other benefits related to employee welfare.
During the year, BYJU’S spent 297.5 Cr INR on teacher salaries. This figure for FY20 had not been made public by the startup. The company’s other costs, which include rent, power costs, subscription fees, and royalties, increased by 76% to INR 1,503 Cr from INR 853.7 Cr in FY20.
In addition to WhiteHat Jr., Specadel Technologies, Tangible Play Inc. (Osmo), Span Thoughtworks Private Limited (Vidyartha), BYJU’s Inc., and BYJU’s Pte Ltd., the consolidated statement also includes information on their financial status.