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BYJU's receives clean FY21 audit from Deloitte, to make it public next week

India's edtech startup BYJU's has finally received a clean report from auditor Deloitte on its financial results for FY21 that will be shared with the equity and debt investors next week

Topics
Byju's | Deloitte | audit

IANS  |  New Delhi 



BYJU's founder and Chief Executive Officer Byju Raveendran
BYJU's Founder and Chief Executive Officer Byju Raveendran

India's most valued startup BYJU's has finally received an aunqualified' or clean report from auditor on its financial for FY21 that will be shared with the equity and debt investors next week, top sources privy to the development saidon Monday.

An unqualified report means that the financial statements of a company are fair and transparent based on thorough research, putting to rest all speculations about BYJU's ill-health.

Top sources told IANS that the firm will hold a board meeting this week, before making the audited financial for FY21 public next week, which is most likely to be September 6.

According to people close to the matter, the 'unqualified' report comes as a major sigh of relief for the company that has been under pressure to file its FY21 audited report amid delay and scrutiny.

Sources told IANS that the last few months of delay was unfortunate and a clean report has instilled "a lot of confidence in the board members of BYJU's" as they now prepare to meet this week.

BYJU's, last valued at $22 billion, faced larger scrutiny from the government as it has failed to submit its audited financial report even after more than 17 months.

The long delay alarmed the Ministry of Corporate Affairs (MCA) which sent a letter to BYJU's earlier this month, asking the giant to explain the delay in filing its report for FY21.

The IPO-bound BYJU's had completed the consolidation of businesses after "ironing out the complexities" as the edtech unicorn made at least 10 acquisitions for a cumulative transaction value of about $2.5 billion last year.

So far, BYJU's has raised over $6 billion in funding, and aims to file an IPO in the US through the Special Purpose Acquisition Company (SPAC) route.

The company is also reportedly in talks to raise another $1 billion as it expands globally.

According to reports, BYJU's is eyeing Nasdaq-listed American edtech company, 2U, for nearly $1 billion at $15 a share.

--IANS

na/ksk/

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)


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First Published: Mon, August 29 2022. 14:37 IST

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