Learnbay goes offline with brick-and-mortar centres; ends FY22 with a net profit of Rs 3.2 crore
Ed-tech platform Learnbay plans to roll-out its brick-and-mortar centres with the introduction of innovation centres across metros, along with the launch of two new programmes in full stack and cloud computing, Abhishek Gupta, co-founder, Learnbay told FE Education. “We will start our innovation centres in Delhi, Mumbai, Chennai, Pune, Hyderabad, Bengaluru and Kolkata, where students can come and experience the projects in a physical classroom,” Gupta said. According to him, these centres will begin operations in August 2022. In FY22 the company claims to have reported net revenue of Rs 8.4 crore, on the back of net profit of Rs 3.2 crore. Furthermore, the company aims to clock a turnover of Rs 24 crore in FY23.
The company claims to monitise through sale of its courses. In FY 22, the company claims to have enrolled 1,800 students at an average course cost of Rs 48,000. Initially the company claims to have offered five courses, which currently stands at seven courses. In FY23, the company claims to have increased its average course cost to Rs 75,000 and aims to enrol 3,200 students with the introduction of new courses. “Under the full stack programme, web development courses cost Rs 9,500 excluding 18% Goods and Service Tax (GST), and software development courses cost Rs 1,25,000 without 18% GST,” Gupta explained. He further added that the cost of cloud courses will be set at Rs 95,000 excluding 18% GST.
Regulatory files accessed by business intelligence platform Tofler revealed that Learbay’s revenue from operations increased 1999% to Rs 2.4 crore in FY21 from Rs 11.5 lakh in FY20. The company reported a net profit of Rs 14 lakh in FY21 as opposed to a net loss of Rs 6.5 lakh in FY20. “For the whole team, the average monthly expenditure is about Rs 40-45 lakh, out of which the sales team is at highest,” Gupta said.
Furthermore, Gupta added that in FY24, the company aims to grow its team with a total of 300 members including sales, research and product development. In January 2022, the company had 15 staffers, which now stands at 70. “In FY 24, the company aims to enrol 7,000 students,” Gupta noted.