<\/p>\n
Byju\u2019s clocked a revenue of $305.6 million in the financial year that ended in March 2021, below its own projections, the Indian edtech giant disclosed in audited results Wednesday, following an 18-month delay that attracted scrutiny from lawmakers and local authority.<\/p>\n
The Bengaluru-headquartered startup, India\u2019s most valuable, reported a loss of $577.4 million in the aforementioned financial year, up from $32.9 million of FY20, it said.<\/p>\n
Byju\u2019s has publicly said in media interviews and other public appearances that it was on track to clock as high as $1 billion in revenue in the financial year ending in March 2021. In an interview with , Byju\u2019s founder Byju Raveendran said those projections were for the calendar year 2021 and some 40% of FY21 revenue \u2014 because of the period of consumption and credit sales duration \u2014 were deferred to the subsequent year.<\/p>\n
The startup said it generated a gross revenue of $1.258 billion in the financial year that ended in March this year. Between April and July, the startup logged a revenue of $570 million, it said. \u201cEven in the last 12 months, not a single investor of ours sold their stake,\u201d he said. \u201cInvestors are relieved and happy.\u201d<\/p>\n
Raveendran attributed the delay in filing the audited accounts to Covid and complexity of accounting numerous acquisitions it undertook last year. \u201cThe auditors had to do a lot of additional work. That is the reason why audit got delayed,\u201d he said.<\/p>\n
The startup, which is valued at over $22 billion, has also postponed its plan of going public this year. Raveendran said Byju\u2019s is watching the macro market conditions closely and will file for an IPO in nine to 12 months. \u201cI don\u2019t think the markets will turn this year,\u201d he said.<\/p>\n
Byju\u2019s is also looking to close a new funding round within weeks, he said. The startup is in advanced stages to raise funding from sovereign funds that are looking to double down, he said. The company has made a bid to acquire U.S. edtech firm 2U, he confirmed.<\/p>\n
This is a developing story. More to follow\u2026<\/em><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":" Byju\u2019s clocked a revenue of $305.6 million in the financial year that ended in March 2021, below its own projections, the Indian edtech giant disclosed in audited results Wednesday, following an 18-month delay that attracted scrutiny from lawmakers and local authority. The Bengaluru-headquartered startup, India\u2019s most valuable, reported a loss of $577.4 million in the […]<\/p>\n","protected":false},"author":1,"featured_media":1200491,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[21],"tags":[],"class_list":["post-1204109","post","type-post","status-publish","format-standard","has-post-thumbnail","category-celebrity-gossip"],"_links":{"self":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts\/1204109","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/comments?post=1204109"}],"version-history":[{"count":0,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts\/1204109\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/media?parent=1204109"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/categories?post=1204109"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/tags?post=1204109"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}