Ed-tech firm Byju’s posts ₹20-crore profit in FY19

Ed-tech company Byju’s posted ₹20 crore net profit on revenues of ₹1,341 crore for 2018-19 because of higher growth in paid subscription.

Its revenues for the previous year was ₹490 crore while gross revenues increased from ₹520 crore to ₹1,480 crore. Byju’s is on target to double its revenue to ₹3,000 crore in the current financial year, the company said in a statement on Tuesday.

Wider reach across India and significant growth in the number of paid subscribers have been the primary drivers of growth. In January, Byju’s forayed into the US with the acquisition of Osmo, the US-based learning platform.