Financial result Trouble edtech startup Byju's reports Rs 2,250 cr loss in its delayed financial results
Bengaluru: Education startup Byju's finally released its financial results on Saturday, after several delays. The results revealed that its parent company, Think & Learn Pvt., reported a slight reduction in losses, despite a surge in business during the pandemic.
The financial results highlight the challenges faced by the company, which is currently in a dispute with creditors over a $1.2 billion loan.
In the fiscal year ending March 2022, Think & Learn Pvt., based in Bengaluru, reported an operational loss of 22.5 billion rupees ($271 million), compared to a loss of 24 billion rupees in the previous year. The company's total income more than doubled to 35.7 billion rupees, Bloomberg reported.
Founder Byju Raveendran’s rapid ascent from tutor to head of India's most valuable tech startup had impressed investors.
During the height of the pandemic, Byju's made major investments to meet the high demand for its services as schools and universities closed.
The company, once a sponsor of India's national cricket team, acquired multiple firms in the US and other regions to expand globally.
However, growth has slowed as schools reopened, and Byju's is facing even greater challenges due to the prolonged legal dispute, which appears to be escalating.
The company's delays in submitting financial results attracted regulatory scrutiny and led to the resignation of Deloitte Haskins & Sells as its auditor this year.
In April, plainclothes Indian officials conducted a raid at Byju's Bengaluru offices, seizing laptops and publicly associating the world's most valuable education technology startup with potential foreign exchange violations.
Byju's woes multiplied as several US-based investors accused the edtech firm of hiding half a billion dollars, resulting in legal action.
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