Bengaluru: Education startup Byjus 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 companys total income more than doubled to 35.7 billion rupees, Bloomberg reported.
Founder Byju Raveendrans rapid ascent from tutor to head of Indias most valuable tech startup had impressed investors.
During the height of the pandemic, Byjus made major investments to meet the high demand for its services as schools and universities closed.
The company, once a sponsor of Indias national cricket team, acquired multiple firms in the US and other regions to expand globally.
However, growth has slowed as schools reopened, and Byjus is facing even greater challenges due to the prolonged legal dispute, which appears to be escalating.
The companys 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 Byjus Bengaluru offices, seizing laptops and publicly associating the worlds most valuable education technology startup with potential foreign exchange violations.
Byjus woes multiplied as several US-based investors accused the edtech firm of hiding half a billion dollars, resulting in legal action.
