In FY 2022, Byju Reports 2,250 Crore Loss but Aims for Profitable Growth
Education technology company Byju’s incurred a loss of INR 2,250 crores in the financial year ending on March 31, 2022, compared to a loss of INR 2,406 crores in the previous year. However, the company’s revenue increased from INR 1,552 crores to INR 3,569 crores. Byju’s shared this information on Saturday. Various factors, including delays in disclosing financial results, are currently under regulatory scrutiny.
Byju’s Founder and CEO, Raveendran, Reflects on the Financial Year 2022
Founder and CEO of Byju’s, Raveendran, stated, “The financial year 2022 has taught us a lot. This year, we conducted 9 acquisitions, which have significantly contributed to the growth of education technology in India, adapting to the global changes following the COVID-19 pandemic. Byju’s aims for continued growth with stability and profitability in the coming years.”
Enforcement Directorate Raids Byju’s Offices in April
In April of this year, the Enforcement Directorate (ED) raided three of Byju’s offices in Bangalore. Officials conducted searches and seized incriminating documents and digital data. According to the investigating agency, Byju’s received INR 28,000 crores in foreign direct investment (FDI) from 2011 to 2023. Additionally, the company had also sent money to various countries under the name of FDI.
Government Orders an Audit of Byju’s Account Books
Recently, the central government ordered an audit of Byju’s account books. After this audit, an internal evaluation of the company’s affairs will be conducted. Based on the findings, the government will decide whether the case warrants further investigation by the Serious Fraud Investigation Office (SFIO) or not.
Auditor Resigns Following Investigation
Following the regulatory investigation, one of the largest audit companies resigned as Byju’s legal auditor. The audit report for the financial year ending on March 31, 2022, is still pending, primarily due to the lengthy duration of the company’s financial disclosures. Moreover, the financial year 2020-21 has not yet begun due to issues related to any ongoing litigation. In place of the resigned auditor, Byju’s appointed BDO (MSKA and Associates) as their legal auditor.
