Byju’s numbers continue to confound

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Editor's note: Let’s jump right into it. Byju’s has finally filed its financial numbers for the year ended 31 March 2020. The company is right now valued at $18 billion, and even though the financial results are behind by 18 months, they offer a good peek into what has been going on at the company. Remember: At its current valuation and with the who’s who of investors on its cap table, Byju’s is right at the top of the western world’s understanding of Indian startups. Byju’s recorded a consolidated income from operations of Rs 2,380 crore. It is made up of three parts:  Tuition fee: Rs 144 croreSale of education tablets and SD cards: Rs 1,675 croreSale of reference books: Rs 560 crore There are two clear takeaways from this. One, that Byju’s is primarily a company that sells tablets and SD cards to children in what is popularly referred to as the K-12 segment (from kindergarten to grade 12). At 70% of total income, this sale of hardware is at the heart of the company’s operations. This gives rise to a …