After months of speculation BYJU’S Sets To Publicize Financial Statements “Within A Week’

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BYJU’S is now ready to release its FY21 financials public following months of talks with Deloitte

For FY20 BYJU’S had a net income of INR 51 Cr and revenues of INR 2,434 crore

The report comes at a time when the edtech unicorn faces more pressure from regulators and investors alike to disclose its financial statements

According to reports in the media that the financial statements audited of the edtech giant and India’s top startup BYJU’S are expected to be made public ‘within the next week’. The edtech giant had earlier decided to set Independence Day 2022 as the day for the release of the financial statements of the previous fiscal.

The news agency IANS quoted sources as saying that BYJU’S is now ready to release its long-awaited financial statements for 2020-21 open after months of negotiations and discussions with auditor Deloitte. In the article BYJU’S has successfully completed due diligence’ and filed financial results.

The major in edtech has been pushing back date for the publication of its financial statement over the last few months. It appears that it has finished the due diligence and worked out the kinks within the company.

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The report comes at a time when the edtech unicorn faces growing pressure from regulators and investors alike to disclose their financial statements.

It is worth noting that in 2021 alone BYJU’S sunk $2.4 Bn to acquire eight businesses which included big names like offline test prep company Aakash and edtech companies WhiteHat Jr and Toppr.

Since the start of 2022, and then the lifting of restrictions on pandemics The entire edtech industry is at a crossroads as it tries to reinvent itself and shift towards a hybrid approach of both offline and online.

BYJU’S It has cut 1,650 jobs across its group businesses Toppr as well as WhiteHat Jr, while it continues to be pressured to publish the financials for FY21 fiscal year public.

Media reports suggest that the conflict that arose between Deloitte and BYJU’S had to do with accounting. The auditor was reportedly seeking clarity regarding how edtech determines its revenue to determine correct figures for fiscal.

Then, Karti Chidambaram, son of finance minister P Chidambaram and an MP himself has written in the Special Fraud Investigation Office (SFIO) for a probe into the company’s finances and claims that INR 2,500 crore was not included in the company’s $800 million fundraising campaign in the last quarter of this year.

He also described BYJU’s late release of its financials clear violation of the Rule 6(5) of the Companies (Cost Records and Audit) Rules, 2014. The edtech unicorn has been worth $23 billion and the most recent financial statements they released were in FY20. The FY20 financials show that BYJU’S had a net income of INR 51 crore and revenues of INR 2,434 crore.

The unicorn in edtech is considering launching the idea of an initial public offering (IPO) in the coming 18-24 months. There are a variety of contradictory reports about the matter.

According to some reports, BYJU’S will be listed on the bourses of India at a value of $40-45 billion, whereas other reports claim that the company will seek its SPAC entry on the US exchanges. BYJU’s offer to purchase 2U, an edtech company listed on the NASDAQ, is also something to look at in this regard.

Before all else, the unicorn of education must publish their financial statements from the previous year available to the public.

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