Great Learning’s India business net loss soared 1.2X to INR 357.3 Cr in financial year 2022-23 (FY23) from INR 307.1 Cr in the previous fiscal
The platform’s revenue from operations jumped 1.3X to INR 391.4 Cr in FY23 from INR 307.1 Cr in FY22
Meanwhile, Great Learning was able to control the rise in its expenses
BYJU’S-owned upskilling platform Great Learning’s India business net loss soared 1.2X to INR 357.3 Cr in the financial year 2022-23 (FY23) from INR 307.1 Cr in the previous fiscal. However, excluding the “exceptional items” worth INR 120.6 Cr, the edtech startup’s FY23 loss would be INR 221.7 Cr, a 27.8% markdown from FY22.
The platform’s revenue from operations jumped 1.3X to INR 391.4 Cr in FY23 from INR 307.1 Cr in FY22, as per its filings with the Ministry of Corporate Affairs. Total income grew 1.2X to INR 392.9 Cr in FY23 from INR 316.1 Cr in FY22.
Meanwhile, Great Learning was able to control the rise in its expenses. Total expenses declined to INR 614.5 Cr in FY23 from INR 633.1 Cr in FY22. In FY23, the edtech firm’s top expenditure was on employee benefits, although it decreased to INR 327.8 Cr from INR 345.6 Cr in FY22.
Advertising promotional expenses, another significant portion of overall expenses, decreased to INR 159.1 Cr in FY23 from INR 170.5 Cr in FY22.
On a unit economics level, the expenditure was INR 1.57 to generate one rupee of operating revenue.
Founded by Arjun Nair, Hari Nair, and Mohan Lakhamraju in 2013, Great Learning offers comprehensive, industry-relevant programs across various technology, data and business domains.
Earlier, it was reported that the founders of Great Learning, the platform acquired by BYJU’S in 2021 for $600 Mn, are reportedly in talks with investors to raise funds to buy the company back from the Byju Raveendran-led embattled decacorn.
Last month, lenders of BYJU’S appointed risk advisory firm Kroll to protect the “charged assets” of both Great Learning Pte and the edtech firm’s Singapore entity Byju’s Pte. Ltd.
The main objective of the appointment was to safeguard and maintain the assets and businesses belonging to Great Learning, which includes its subsidiary, Northwest Education Pte. Ltd., and Byju’s Pte. Ltd., Kroll said.
Recently, BYJU’S released a part of its FY22 numbers. Without disclosing net loss, BYJU’S said the standalone EBITDA loss declined to INR 2,253 Cr in FY22 from INR 2,406 Cr in FY21. On the other hand, total income jumped to INR 3,569 Cr from INR 1,552 Cr in FY21.
While the complete financial statements for FY22 are yet to be disclosed, BYJU’S co-founder and CEO, Byju Raveendran said in an internal mail sent to employees the company is set to initiate the audit process for FY23 soon.