May 03, 2025 07:47 pm (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
Pahalgam fallout: India suspends Pakistan I&B minister Ataullah Tarar's X account | India bans all imports from Pakistan in Pahalgam terror attack fallout | Yunus aide threatens Bangladesh would occupy North East states if India attacks Pakistan | Pahalgam aftermath: Pakistan test-fires ballistic missile with 450-km range amid escalation in tension with India | 'Your govt stands at a historic crossroads': Tejashwi Yadav to PM Modi on caste census move | Pahalgam attack: Supreme Court stays deportation of PoK-born man, his family with Indian passports | Cops charge OTT show's host Ajaz Khan, producer Rajkymar Pandey over 'sex positions' viral clip | 7.4 magnitude earthquake strikes off coast of Chile and Argentina, tsunami warning issued | PM Modi inaugurates Vizhinjam International Seaport in Kerala worth Rs. 8,800 crore | 'Many will get their sleep disturbed': Modi's veiled jibe at Congress over Shashi Tharoor, Pinarayi Vijayan's presence at Kerala event
Financial result
Image credit: wikipedia.org

Trouble edtech startup Byju's reports Rs 2,250 cr loss in its delayed financial results

| @indiablooms | Nov 05, 2023, at 09:26 pm

Bengaluru: Education startup Byju's finally released its financial results on Saturday, after several delays. The results revealed that its parent company, Think & Learn Pvt., reported a slight reduction in losses, despite a surge in business during the pandemic.

The financial results highlight the challenges faced by the company, which is currently in a dispute with creditors over a $1.2 billion loan.

In the fiscal year ending March 2022, Think & Learn Pvt., based in Bengaluru, reported an operational loss of 22.5 billion rupees ($271 million), compared to a loss of 24 billion rupees in the previous year. The company's total income more than doubled to 35.7 billion rupees, Bloomberg reported.

Founder Byju Raveendran’s rapid ascent from tutor to head of India's most valuable tech startup had impressed investors.

During the height of the pandemic, Byju's made major investments to meet the high demand for its services as schools and universities closed.

The company, once a sponsor of India's national cricket team, acquired multiple firms in the US and other regions to expand globally.

However, growth has slowed as schools reopened, and Byju's is facing even greater challenges due to the prolonged legal dispute, which appears to be escalating.

The company's delays in submitting financial results attracted regulatory scrutiny and led to the resignation of Deloitte Haskins & Sells as its auditor this year.

In April, plainclothes Indian officials conducted a raid at Byju's Bengaluru offices, seizing laptops and publicly associating the world's most valuable education technology startup with potential foreign exchange violations.

Byju's woes multiplied as several US-based investors accused the edtech firm of hiding half a billion dollars, resulting in legal action.

Support Our Journalism

We cannot do without you.. your contribution supports unbiased journalism

IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.

Support objective journalism for a small contribution.
Related Videos
FM Nirmala Sitharaman presents Budget 2025 Feb 01, 2025, at 03:45 pm
Nirmala Sitharaman on Budget 2024 Jul 23, 2024, at 09:30 pm
PM Modi on Budget 2024 Jul 23, 2024, at 09:30 pm
Close menu