Byju’s-owned Great Learning’s revenue crosses Rs 800 cr in FY23, losses reduce 21%

Mohan Lakhamraju, Founder and CEO at Great Learning

Byju’s-owned Great Learning saw its revenue soar while managing to shrink losses in FY23, at a time when Byju’s has put the upskilling platform up for sale to navigate its imminent liquidity challenge.

Great Learning clocked about Rs 801 crore in revenue in FY23, a 34 percent jump over Rs 596.65 crore in the preceding fiscal.

The company recorded a rise of about 45 percent in revenue to Rs 408 crore in the fiscal from its Singapore business over Rs 281 crore in FY22. However, the growth in revenue came at the back of the Singapore business turning loss-making. While the company earned a profit of Rs 42 crore last year from the country, in FY23 it incurred a loss of Rs 8 crore.

Last year, Great Learning had also acquired Singapore-based Northwest Executive Education to strengthen its toehold in the higher education vertical in the country.

From India, Great Learning had a total income of Rs 393 crore in FY23, with a growth of about 24 percent over Rs 316 crore in the preceding fiscal. It shrunk its losses from the country to Rs 202 crore over Rs 308 crore in FY23, a reduction of about 35 percent.

The company, hence, managed to reduce its overall losses in the fiscal to Rs 210 crore from Rs 266 crore in FY22. Great Learning’s negative earnings before interest, tax, depreciation and amortisation have gone down from 45 percent to 26 percent in FY23.

This comes at a time when Byju’s has put Great Learning up for sale and has held preliminary talks with potential buyers, expecting to fetch about $400 million from the sale of the upskilling platform, Moneycontrol earlier reported. Byju's had paid about $350 million to acquire Great Learning in 2021 in a cash and stock deal to strengthen its position in online higher education, and corporate learning space.