Great Learning, the professional learning platform owned by Byju’s, managed to reduce its losses by almost 28 per cent in FY23, reaching Rs 222 crore compared to Rs 307 crore in FY22. Following Byju’s acquisition of Great Learning for $600 million in July 2021, the platform experienced a substantial 25 per cent growth, with revenue escalating from Rs 313 crore in FY22 to Rs 391 crore in FY23, according to financial statements filed with the Registrar of Companies (RoC).
Digital content income comprised 48 per cent of the total revenue, witnessing a 6.3 per cent increase to Rs 187 crore in FY23. On a unit level, the platform spent Rs 1.57 to earn a rupee of operating revenue.
Amidst these financial developments, Byju’s is reportedly considering the sale of two of its subsidiaries, Epic and Great Learning, aiming to raise between $800 million and $1 billion. This capital would be directed towards repaying the outstanding $1.2 billion Term Loan B (TLB).
Byju’s, in a recent announcement, disclosed the audited financial accounts for the fiscal year 2021-22. The EBITDA loss of the core business decreased from Rs 2,406 crore to Rs 2,253 crore year-on-year. Furthermore, there was a notable margin improvement from -155 per cent to -63 per cent from FY21 to FY22. The parent company, Think and Learn Private Ltd (TLPL), reported a 2.3 times growth in the core business's total income, excluding all acquisitions, reaching Rs 3,569 crore compared to Rs 1,552 crore in the previous year.
(With Agency Inputs)