Byju’s misses revenue projection in delayed financial account

Indian edtech giant Byju’s said on Saturday that revenue of its core business in the financial year ending March 2022 stood at $429.18 million, making it abundantly clear that the most valuable Indian startup will miss the unaudited $1.25 billion revenue it projected for the group a year ago. Byju’s also missed its revenue projection in the financial year that ended in March 2021 — and also delayed filing of the accounts back then.

The Bengaluru-headquartered startup, which has yet to file the financial accounts with the local regulator, shared partial data in a press statement today. The EBITDA loss for the core business shrunk somewhat to $270.9 million, the startup said.

Missing its own projections and the prolonged delay in filing of the financial accounts are the latest setback for the startup that is grappling with scores of challenges. Its CFO Ajay Goel left the startup late last month, months after the previous auditor Deloitte alongside three of Byju’s key board members also quit the firm.

“The takeaways from a uniquely belligerent year, which included nine acquisitions, are life- long learnings,” said Byju Raveendran, co-founder and chief executive of Byju’s, in a prepared statement.

“The core business has demonstrated good growth, underlining the potential of edtech in India, the fastest-growing major economy. I am also humbled by the lessons learnt in the post-pandemic world of readjustments. BYJU’S will continue on the path ol sustainable and profitable growth in the coming years.”

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