Byju’s to make financial results for 2020-21 public next week: Report

Share with your friends

After meeting with shareholders, edtech giant Byju’s is anticipated to release its financial figures for 2020–21 the following week, according to sources familiar with the situation.

Informing the Ministry of Corporate Affairs in July that its financial results will be announced on September 6 was the company’s practise.

“Our audit partner Deloitte has since provided Byju’s with a report that is unqualified. The audited financial results have received board approval. Byju’s will not release the results until after the shareholder meeting, which is anticipated later this week. Additionally, Byju’s is now conducting a round and anticipates sharing information about it shortly “said a source to PTI.

Byju’s has received a notice from the MCA for filing the financial result late.

In the fiscal year 2019–20, the company’s operating income increased by over 82% to Rs 2,381 crore, and its losses came to Rs 262 crore.

Byju’s has set a goal for FY2023 revenue to be close to Rs 17,000 crore.

The company expects to collect more than USD 500 million (about Rs 3,900 crore) at a USD 23 billion valuation in about a week.

They continued by saying that the corporation intended to use the money for US acquisitions.

According to the sources, the company is in talks with the Sovereign Wealth Funds (SWF) of Abu Dhabi and the Qatar Investment Authority (QIA) about raising between USD 250 and USD 350 million and USD 400 to 500 million, respectively.

The money, according the sources, is a component of the company’s strategy to use the capital for inorganic growth, particularly in the US.

The corporation has already paid USD 500 million for the US-based reading platform Epic and USD 200 million for the programming website Tynker.

Byju also purchased Great Learning in Singapore for about USD 600 million and GeoGebdra, an Austrian provider of mathematical services, for about USD 100 million.

The edtech company was also considering buying Chegg.

But a firm insider claims that there aren’t any ongoing discussions with Chegg.

Byju’s, which claims to have 7.5 million paying customers on its platform and has a presence in 120 countries, keeps an average renewal or retention rate of 86% per year.


Share with your friends

Leave a Reply

Your email address will not be published.

Latest

Mulayam Singh Yadav on ventilator support, doctors say next 24 hours critical: Reports

Share with your friends

Share with your friendsThe founder of the Samajwadi Party (SP), Mulayam Singh Yadav, is currently receiving ventilator support at the Medanta hospital in Gurugram, according to the most recent sources. According to reports, the next 24 hours will be extremely important. Notably, the former chief minister of Uttar Pradesh was admitted to the hospital after […]


Share with your friends
Read More
Latest Lifestyle

How To Make Overnight Oats For Weight Loss

Share with your friends

Share with your friendsHave you consumed any oatmeal so far today? One that has blueberries and chopped walnuts on top? Let’s get right to the point: Oatmeal is healthful, despite what anyone with a fear of carbohydrates will tell you. Oats are an excellent source of whole grains and contain beta-glucan, a heart-protective starch that […]


Share with your friends
Read More
Latest

IIM Bodh Gaya To Train Bihar Government Engineers

Share with your friends

Share with your friendsThe Water Resources Department’s IIM Bodh Gaya and the Water and Land Management Institute (WALMI) on Friday signed a Memorandum of Understanding (MoU) to organize a special training program for engineers and officers of the Water Resources Department. Indian Institute of Management Bodh Gaya (IIM Bodh Gaya) and Bihar government have joined […]


Share with your friends
Read More