Troubled edtech decacorn BYJU’S has missed the deadline to release its much-delayed financial numbers for FY22.
Earlier this year, the Bengaluru-based startup informed its shareholders and lenders that it will file its FY22 financial statements by September 2023, a deadline which it is set to miss.
Responding to Inc42’s query on the issue, a BYJU’S spokesperson said its financial statements for FY22 would be adopted by the company’s board in the second week of October.
“Think and Learn Pvt Ltd today has issued a notice for convening a Board meeting in the second week of Oct’ 2023 for approval and adoption of accounts for FY22. The Board of Directors along with the Advisory Council and certain invitees will meet to formally adopt the audited accounts,” the spokesperson said.
In July, BYJU’S appointed SBI Chairperson Rajnish Kumar and ace investor TV Mohandas Pai as members of its newly-constituted advisory council.
It must be noted that BYJU’S released its financial statements for FY21 after a long delay in September last year. Its loss surged 19.8X to INR 4,588 Cr in FY21.
Since then, the number of problems for the startup has only gone up. Earlier this week, Inc42 reported that BYJU’S is planning to lay off over 4,000 employees as a cost-cutting measure under a restructuring exercise being carried out under the leadership of its newly-appointed India CEO Arjun Mohan.
The edtech startup has been grappling with multiple challenges, with the biggest one being its $1.2 Bn Term Loan B that it took in November 2021.
Besides, the series of acquisitions which BYJU’S made in 2021 has failed to give the desired results. The edtech decacorn is now said to be looking to sell two of its acquired companies – Great Learning and Epic – for $800 Mn-$1 Bn to repay the loan.
Earlier this year, the startup also saw three of its board members – Peak XV Partners’ GV Ravishankar, Prosus’ Russell Dreisenstock, and Vivian Wu of Chan Zuckerberg Initiative – tendering their resignations.
Its statutory auditor Deloitte also resigned citing the delay in publishing the company’s financial statements.
The company has also come under the lens of the Enforcement Directorate (ED), the Ministry of Corporate Affairs and the Employees’ Provident Fund Organisation (EPFO) for various reasons.
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