After delays, Byju’s may file audited financial results this week

BENGALURU: After delays of  about 18 months, India’s most valuable edtech firm Byju’s, is likely to release its audited financials for the year ended March 2021 before September 16.According to various reports, there might be a difference between the audited revenue and the projected one. Byju’s in July said the audited financial results would be announced in next 10 days.

The edtech company has been missing deadlines to file the results for long. Last month, the  Ministry of Corporate Affairs is said to have asked Byju’s to explain the reason for delay in filing audited financials, and in its reply the company said the delay was due to consolidating the accounts of companies that the firm acquired during that year. Earlier, it had delayed payments to shareholders of tuition chain Aakash that it acquired for USD 1 billion last year.

In July, Member of Parliament Karti P Chidambaram wrote to the Serious Fraud Investigation Office (SFIO) urging them to launch an investigation into the finances of Byju’s. He raised 3 key issues - missing Rs 2,500 crore in the company’s funding, the edtech company has not received Rs 1,200 crore funding from Oxshott Capital and delay in filing its audit report. “At a time when Byju’s proposes to expand its business and acquire Nasdaq-listed company 2U at a valuation of $2.4 billion, while parallelly firing staff to cut costs, it becomes pertinent to review the company’s finances,” he had said.