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Byju's audited revenue expected to be lower than projected numbers

Byju Raveendran, co-founder and the CEO of the unicorn, has briefed the shareholders and the board members about the difference

Byju's | Annual General Meetings | start- ups

BS Web Team  |  New Delhi 

Byju Raveendran
Illustration by Binay Sinha

The audited revenue of Byju's and the projected numbers may have a significant difference. Byju Raveendran, co-founder and the CEO of the unicorn, has briefed the shareholders and the board members about the difference, a report by Economic Times (ET) stated.

The company is yet to submit its annual report for FY21. According to the report, Raveendran said that the difference may be due to the change in how the start-up recognises its revenue. The actual revenue would be lower than projected.

In the last 18 months, since March 2021, the company has been under tough scrutiny from the regulators as well as the . India's most valued start-up at $22 billion, the ed-tech platform had earlier sought an extension for submission of the document stating that the auditor Deloitte has not signed on the reports yet.

Also Read | Byju's likely to raise over $500 mn at $23-bn valuation: Report

The report quoted a person aware of the matter as saying that Raveendran was "pitching it as an accounting policy change which has enforced by the auditor."

In the next few days, the company is also expected to hold its annual general meeting (AGM) and share the financial statements with the . Among the of the company are names like Sequoia Capital, General Atlantic, T Rowe Price, and Blackrock.

A Bloomberg report had earlier stated that the bond prices of the company for its $1.2 billion term loan B (TLB) were down 32 per cent, on Monday. The company may attribute the lower revenue to "business model changed due to Covid-19," ET added.

In the last two years, the company has spent $2.5 billion to acquire various education firms including Aakash Institute.

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First Published: Tue, September 13 2022. 09:30 IST