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BYJU`s gets clean FY21 audit from Deloitte after 17 months delay
An `unqualified` report means that the financial statements of a company are fair and transparent based on thorough research, putting to rest all speculations about BYJU`s poor financial health.
Highlights
- The BYJUs have finally received an 'unqualified' report.
- The report is a major sigh of relief for the company.
- The BYJUs have raised over $6 billion in funding.
New Delhi: India's most-valued ed-tech startup BYJUs has finally received an 'unqualified' report from auditor Deloitte on its financial results for FY21 that will be shared with the board members this week and with the equity and debt investors next week, top sources said on Monday.
An 'unqualified' report means that the financial statements of a company are fair and transparent based on thorough research, putting to rest all speculations about BYJU's poor financial health. People privy to the development told IANS that the ed-tech firm will hold a board meeting in a day or two, before making the audited financial results for FY21 public next week, in all likelihood on September 6. (Also Read: Finance Ministry's Big update: Pay GST on Hotel, train booking cancellations -- Check details)
According to people close to the matter, the 'unqualified' report comes as a major sigh of relief for the company that has been under pressure to file its FY21 audited report amid delay and scrutiny. Sources told IANS that the last few months of delay were unfortunate and a clean Deloitte audit report has instilled "a lot of confidence in the board members of BYJUs" as they prepare to meet this week. (Also Read: Elon Musk's mother sleeps in a GARAGE because of Elon Musk, here's WHY)
BYJU's, last valued at $22 billion, faced larger scrutiny from the government as it has failed to submit its audited financial report even after more than 17 months. The long delay alarmed the Ministry of Corporate Affairs (MCA) which sent a letter to BYJUs earlier this month, asking the ed-tech giant to explain the delay in filing its audit report for FY21.
The IPO-bound BYJUs had completed the consolidation of businesses after "ironing out the complexities" as the ed-tech unicorn made at least 10 acquisitions for a cumulative transaction value of about $2.5 billion last year.
So far, BYJUs has raised over $6 billion in funding and aims to file an IPO in the US through the Special Purpose Acquisition Company (SPAC) route. The company is also reportedly in talks to raise another $1 billion as it expands globally.
According to reports, BYJUs is eyeing Nasdaq-listed American ed-tech company, 2U, for nearly $1 billion at $15 a share.