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India's most valued edtech startup BYJU's has finally received an aunqualified' or clean report from auditor Deloitte on its financial results 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.
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 Deloitte audit 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 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.
(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