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BYJU Releases Financial Report for FY21, Sales May Drop Significantly

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  • India’s edtech major BYJU‘s to release financial report after 18 months delay.
  • The edtech company, which was last valued at $22 billion, gained more government control over its audit reports.
  • BYJU made 10 acquisitions last year for a cumulative transaction value of approximately $2.5 billion.
  • The company is likely to raise more than $500 million

After a nearly 18-month delay in “smoothing out the complexity,” edtech major BYJU’s is all set to unveil its financial report for FY21 on Wednesday, according to reliable sources.

Due to the long delay, the company was subject to intensive government audits and had received an ‘unqualified’ report from the auditor Deloitte late last month.

According to sources, there will be a substantial difference between projected sales and audited revenues in BYJU’s financial results for FY21.

The edtech company, valued at $22 billion, gained more scrutiny from the government for failing to file its audited financial report.

According to the FY20 financial report, the company posted revenue of 2,434 crore and net profit of 51 crore.

This time, however, it will be different as BYJU made 10 acquisitions last year for a cumulative transaction value of approximately $2.5 billion, and some of them are underperforming in the hybrid world.

According to people close to the matter, an “unqualified” report from Deloitte came as a great sigh of relief to the company that was under pressure to file its audited FY21 report amid delays and scrutiny.

The slowdown in recent months was “unfortunate” and a clean Deloitte audit report instilled “great confidence in BYJU’s board members”.

The long delay alarmed the Ministry of Business Affairs (MCA), which sent a letter to BYJUs last month asking the edtech giant to explain the delay in submitting its FY21 audit report.

So far, BYJU’s has raised more than $6 billion in funding and is seeking to file a U.S. IPO through the Special Purpose Acquisition Company (SPAC) procedure.

The company is likely to raise more than $500 million (almost Rs 3,900 crore) soon at a valuation of approximately $23 billion.

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