Byju’s-owned professional learning platform Great Learning cut its losses by nearly 28 per cent to Rs 222 crore in FY23 from Rs 307 crore in FY22.
Great Learning, acquired by edtech major Byju’s for $600 million in July 2021, registered about 25 per cent growth, as its revenue reached Rs 391 crore in FY23 from Rs 313 crore in FY22, according to its financial statements filed with the Registrar of Companies (RoC).
Income from digital content formed 48 per cent of the total revenue which increased 6.3 per cent to Rs 187 crore in FY23, reports Entrackr. On a unit level, it spent Rs 1.57 to earn a rupee of operating revenue, the report mentioned.
Byju’s is reportedly mulling to sell at least two of its subsidiaries, Epic and Great Learning, to raise between $800 million and $1 billion to repay its outstanding $1.2 billion Term Loan B (TLB).
Meanwhile, the edtech major said earlier this month that it has closed the audited financial accounts for the financial year 2021-22, saying the EBITDA loss of the core business was down from Rs 2,406 crore to Rs 2,253 crore (year-on-year). It was accompanied by margin improvement from -155 per cent to -63 per cent from FY21 to FY22.
EBITDA Loss means a loss of earnings before interest, taxes, depreciation and amortisation. Think and Learn Private Ltd (TLPL), the parent of leading EdTech company Byju’s, said that the core business (excluding all acquisitions) reported a 2.3 times growth to reach a total income of Rs 3,569 crore, from Rs 1,552 crore in the previous year.