“If this can’t break us, nothing will,” said Byju Raveendran, Founder and CEO of India's most-valued startup Byju's, as he revealed his company's FY21 (2020-21) financial.
The company's revenue fell 3 percent year on year to Rs 2,428 crore on a consolidated basis, down from Rs 2,511 crore the previous year, according to the FY21 results.
Byju's reported a Rs 4,589 crore loss in FY21, nearly 20 times the adjusted loss of Rs 231.69 crore loss in FY20 (2019-20).
Byju's is yet to officially file its results with the MCA for FY21. Byju's adjusted loss for FY20 was also revised from Rs 262 crore earlier.
Due to a change in accounting practises, a significant increase in business was not reflected in the revenue figure, and nearly 40 percent of the revenue was deferred to subsequent year.
While Byju’s is a privately held company, its financial results drew increased attention as a result of Deloitte's apparent delay in signing off on its results.
The MCA (Ministry of Corporate Affairs) also requested a response from Byju's in the last week of August as a result of the delay.
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