Byju's posts 2021-22 financial results, losses narrow 6%

Ed-tech firm Byju announced its audited results for 2022, though limited to its core business, excluding its multi-billion dollar acquisitions. The delay in announcing the results was attributed to governance issues and the resignation of its auditor.

The operating losses for Byju's parent company, Think & Learn, reduced by 6 per cent to Rs 2,400 crore for its primary online education segment. In contrast, the revenue more than doubled to Rs 3,550 crore for the fiscal year ending on March 31, 2022.

Byju's, under the control of billionaire Byju Raveendran, was a standout startup in India, boasting a valuation of $22 billion in 2022. However, it has grappled with a series of business challenges, including the resignation of its auditor, Deloitte, and board members, as well as facing a US lawsuit disputing the terms and payment of a billion-dollar loan.

Reflecting on the tumultuous year, Raveendran stated, “The takeaways from a uniquely belligerent year, which included nine acquisitions, are life-long learnings.”

Backed by investors like General Atlantic, Prosus, and Blackrock, Byju's has had to navigate a challenging year. It implemented layoffs affecting thousands of employees, witnessed a devaluation by its investors, and endured a second consecutive year of delayed financial reporting.

In September, Byju's did manage to file its 2021 financial numbers after a 17-month delay. During the pandemic, its valuation soared as more students embraced online learning, prompting Byju's to expand through acquisitions in various educational domains, including coding for children and companies offering executive MBAs.

Byju's is currently seeking to raise up to $1 billion by divesting at least two of its acquired companies in 2021, namely Great Learning and Epic, as reported by Reuters in September.

(With Reuters Inputs)