Byju’s 2020-21 financials show it’s a house of cards

Record losses, declining revenue in key markets and questionable accounting practices paint a grim picture of India’s largest edtech company.

After a delay of over a year, Think & Learn Pvt. Ltd, the parent of Byju’s, finally filed its 2020-21 financials yesterday. The numbers are not pretty. At a consolidated level, that’s Byju’s and WhiteHat Jr put together, Byju’s revenue from operations came in stagnant at Rs 2,280 crore, compared with an adjusted revenue of Rs 2,189 crore in 2019-20. We will get to this adjusted revenue in a bit. 

The company’s annual losses jumped to Rs 4,588 crore in March 2021, compared with Rs 231 crore in March 2020. That translates to a loss of Rs 12.5 crore per …


Ashish K. Mishra

Ashish is the editor-in-chief of The Morning Context. One of the best-known business feature writers in India, he was selected for Germany’s Robert Bosch Stiftung Fellowship in 2012 and received the Mumbai Press Club RedInk certificate of recognition in 2015 for his story “Inside the Network 18 takeover”. Before joining The Morning Context, Ashish co-founded The Ken, where he was managing editor. His previous writing stints include Mint, Forbes India and The Economic Times.




Pradip K. Saha

Pradip is a co-founder at The Morning Context and leads our newsletters vertical. He has previously worked at The Ken as a staff writer, at Mint as an assistant features editor and the Deccan Chronicle as a copy editor. He works with a slew of expert newsletter writers across subjects and domains. His own writing spans the gig economy, farmers caught in the crossfire of technology, global warming and parents trapped in the edtech wave. Some of his best stories have come at the intersection of technology and human endeavour.

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