In FY21, WhiteHat Jr spends Rs 2,175 Cr in order to earn Rs 484 Cr
- ByStartupStory | April 16, 2022
In August 2020, WhiteHat Jr which sold out to edtech juggernaut Byju’s for a whopping $300 million, has turned out to be a momentous fiscal year of FY21. The company’s revenue and losses skyrocketed during FY21, while the company’s backers Nexus Venture, Owl Ventures, Omidyar Network and its founder Karan Bajaj hit paydirt in the acquisition,.
During the financial year ending March 2021 from Rs 19 crore in FY20, WhiteHat Jr’s revenue from operations surged 25.5X to Rs 483.9 crore, under new owner Byju’s, its annual financial statements filed with RoC show.
Developing coding skills among students in the age group 6 to 18 years by providing 1:1 online classes has been focused on by WhiteHat Jr. The company offers video courses for different age groups, coding, math, music, animation, and and earned nearly 99% of its operating revenue from course fees which ballooned 25X from Rs 19 crore in FY20 to Rs 478.3 crore in FY21.
The firm generated about Rs 3.36 crore via sale of course materials and as other operating revenues during FY21 of about Rs 2.27 crore. During the fiscal, the company also earned Rs 74 lakh as interest income.
The edtech platform made 46.7% of its revenues to nearly Rs 226 crore in FY21 from Indian markets which jumped 14.8X. Contributing 40.8% of its revenues at Rs 197.2 crore during FY21, USA was found to be the second-largest market for the company.
During FY21, the Mumbai-based startup spent Rs 110.5 crore on support services which ballooned 48.5X in FY20 from Rs 2.28 crore. IT and communication costs including payment gateway charges surged over 30X from Rs 2.7 crore in FY20 to Rs 81.4 crore in FY21.
Legal, recruitment and professional fees surged 11.6X and Rs 39.76 crore and 14.7X to Rs 44.23 crore respectively. Its total expenditure also jumped over 31X to Rs 2,175.2 crore in FY21 against Rs 69.7 crore spent in FY20, while the company saw a huge growth in scale during FY21.
The annual losses of WhiteHat Jr soared 34.5X from Rs 48.95 crore recorded in the preceding fiscal year to Rs 1,690.5 crore in FY21, with the 30X increase in expenses. The company spent Rs 4.49 in order to earn a single rupee of operating revenue during FY21, on a unit level.
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