Edtech giant Byju’s’ FY21 results may take a few more weeks, Deloitte has yet to sign them
- ByStartupStory | July 2, 2022
Byju’s, the most valuable startup in the country, has yet to receive the ministry of corporate affairs’ signature on its 2020–21 (FY21) financial statements, which could take a few more weeks (MCA). Sources said that Byju’s has addressed roughly 40 of the 44 issues cited by Deloitte. However, the insider stated, “Deloitte still had roughly four issues, so the corporation wasn’t ready to sign off the results.”
The Bengaluru-based edtech company had announced in June that its FY21 numbers had been consolidated and will be submitted to the government by the end of June. Private businesses are required by law to submit their annual financial reports to the corporate affairs ministry.
“We once again reiterate that FY21 saw a number of acquisitions, each of which had a unique accounting method and year. Our business unification is complete, and this month we’ll be filing our financial reports “According to a Byju’s spokeswoman.
The corporation is struggling to manage cash for its operations, according to many media reports, and is turning to severe cost-cutting as well as exploring different avenues for raising money. This is why the FY21 results have been delayed. In addition to the $1 billion in acquisition debt financing that is apparently being discussed, Byju’s has already announced an equity offering of $800 million.
The largest education company in India’s challenges serve as a symbol for the whole edtech industry, which has been experiencing difficulties as the coronavirus outbreak has subsided and students have returned to the classroom. With schools, universities, and physical tutoring facilities starting back up for business, India’s edtech companies are struggling to maintain the momentum they experienced in their previous two remarkable years of hypergrowth.
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