Byju Raveendran (File picture) | Photo: AFP
New Delhi: Byju's-owned online coding platform WhiteHat Jr has posted a massive Rs 1,690 crore loss in the financial year 2021, while generating an operating revenue of Rs 484 crore in the same period.
The company's balance sheet in its annual financial statements filed with the Registrars of Companies (ROC) shows that operating revenues were Rs 483.9 crore in the financial year 21, compared to Rs 19 crore in FY20.
However, the platform's losses skyrocketed in FY21 and its expenses reached Rs 2,175 crore -- compared to Rs 69.7 crore in FY20.
The coding platform registered Rs 226 crore revenue from the India market -- 46.7 per cent of its total sales globally -- while the US market contributed 40.8 per cent of its revenues at Rs 197.2 crore.
The platform made Rs 3.36 crore from the sale of course materials and Rs 2.27 crore as other operating revenues during the period.
Byju's in August 2020 acquired Mumbai-based live online coding provider WhiteHat Jr in an all-cash deal worth $300 million (roughly Rs 2,246 crore).
Karan Bajaj founded WhiteHat Jr in 2018 with a vision of making children creators of technology rather than being passive consumers of it.
In August 2021, Bajaj decided to move on to kick off the next chapter in his life and Trupti Mukker, Head of Customer Experience and Delivery, was appointed to lead the WhiteHat Jr.
WhiteHat Jr is not only a Maths and coding learning platform but also forayed into 1:1 online music classes, and brought a physical-digital blended coding curriculum to Indian schools with an aim to teach 10 lakh students.