We all know that Byju is the most valued startup in the country, but the revenue operations of the company in the financial year 2021 were readjusted to Rs 2,280 crore and the company incurred a massive loss of Rs 4,588 crore, of which Rs 262 crore in the last previous fiscal. These digits show a significant drop of 48% from the revenue projected of Rs 4,400 crore. The Edtech firm is also facing intense scrutiny over its accounting practices in the last few months.
The difference between the Byju unaudited revenue and the official account is now signed off by the startup audit firm Deloitte Haskins & Sells. In the past week, the Byju founder and CEO, Byju Raveendran, has been briefing the company’s shareholders about the discrepancies. It is about to attribute the business model change to the covid-19 pandemic and the multiple people familiar with the development.
Raveendran said that the company has recorded significant growth in revenue compared to the financial year 2020, but because of the revenue recognition changes, it is being pushed to the next fiscal year. He also insisted that there is no revenue loss because it is being called out in an audit report on an account that will be growing in FY2022.
There is a startup based in Bengaluru with a value of $22 billion whose audited results were delayed for about 18 months as the Deloitte audit arm raised concerns over several contentious issues in the company’s accounts.
FAQ
- Who is the founder and CEO of Byju?
Ans. Raveendran Byju
- Which year’s loss has been adjusted to this year?
Ans. 2021
- How much does the company’s revenue drop?
Ans. 48%