specialization in educational technologysays four of its top five acquisitions will break even in the quarter ending March 2022, even as the startup figures out the go-to-market strategy for the kids’ coding platform . BYJU’S acquired WhiteHat Jr for $300 million in 2020.
“Of the top five big integrations, we’re fighting for one, and that’s WhiteHat Jr. We haven’t figured out WhiteHat Jr’s commercialization, so people think all of our acquisitions have failed. Ask any investor, four out of five is great. Aakash’s success alone will justify even if we make five more mistakes during the integration,” said Byju Raveendran, CEO of BYJU’S.
Speaking in Tech sparks 2022, added that Aakaash had scaled 3X since its acquisition in 2021 for $950 million, reportedly. There have been reports that BYJU’S was planning to launch a separate IPO for Aakash, valuing the entity at Rs 8,000 crore.
“Before the acquisition, Aakash’s revenue was Rs 1 billion. In two years, he has grown to Rs 3000 crore,” said Byju Raveendran.
It added that Great Learning was growing at a rate of 100% year-over-year, while its US bets, Osmo and EPIC, were growing at an average of 30-40% year-over-year.
“We haven’t yet figured out how to efficiently acquire users in the US. We haven’t yet found equivalents of cricket and Bollywood there, which are the biggest religions in India. If the macro environment had continued for another 18 months, we would have done it. We are now taking a measured approach on how to resolve that for WhiteHat Jr,” he said.
Byju said that 60% of BYJU’s businesses were growing at 50% year over year in terms of revenue. The founder and CEO predicted that the company’s full-year results for fiscal year 22, ending March 31, 2022, would likely show a threefold growth in revenue, cutting its losses in half.
The startup had delayed filing its FY21 results due to difference in accounting practices with its auditors.
“Our acquisitions help create value for students by giving them the choice to learn from multiple sources,” said Divya Gokulnath, co-founder and director of BYJU’S.