After a long delay, Troubled edtech giant Byju's parent, Think & Learn Pvt. Ltd. has reported a significant revenue increase for the financial year 2022.
The core business, excluding acquisitions, saw a more than twofold increase in total income, reaching Rs 3,569 crore, up from Rs 1,552 crore the previous year.
It's worth noting that this growth comes despite the company facing a challenging year marked by nine acquisitions and a series of crises, including governance issues and a reshuffling of top management.
The edtech giant reduced its EBITDA loss from Rs 2,406 crore in FY21 to Rs 2,253 crore in FY22, improving the EBITDA margin from -155% to -63%, with consolidated losses at Rs 4,564 crore, partly due to acquiring WhiteHat Jr.
Recently, Byju's has undergone significant restructuring, including the appointment of a new CEO for India operations and a workforce reduction aimed at streamlining operations.
Byju's is also in the process of selling assets from its acquisitions, such as Great Learning and Epic, to raise funds.