HomeStartupBYJU’S-owned Gradeup post Rs 15 crore profit in FY23

BYJU’S-owned Gradeup post Rs 15 crore profit in FY23

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Gradeup Takes Community Approach To Win India's Test Prep Market
  1. Gradeup, owned by BYJU’S, achieved profitability in FY23, recording a net profit of INR 15.2 Cr compared to a loss of INR 133 Cr in the previous fiscal year.
  2. Operating revenue for the exam preparation startup saw a remarkable increase, surging by 214% from INR 49.1 Cr to INR 154.1 Cr in FY23.
  3. A significant portion of Gradeup’s revenue, INR 119.3 Cr, was derived from providing “business support services” to BYJU’S parent company, Think & Learn Pvt Ltd.
  4. Additionally, Gradeup borrowed INR 3 Cr from Think & Learn in FY23, and by the year’s end, it owed INR 99 Cr to BYJU’S, which was over 6 times its net profit.
  5. The startup’s auditor, Lodha & Co, expressed concern about Gradeup’s ability to continue as a going concern based on its financial situation.
SourceEntrackr

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