Byju's now questioned by the govt: Where are your audited earnings?

Byju's, India's most valued startup finds itself making headlines for all the wrong reasons. The edtech giant which still has not submitted its audited earnings report for for the year ended March 2021 is now being questioned by the government as per reports.

Bloomberg quoting unnamed sources reports that Ministry of Corporate Affairs has sent a letter to Byju’s asking them to explain the seventeen-month delay in filing audited accounts.

Reports indicated that auditor Deloitte had raised 44 concerns in July without which they were not signing off on the audited reports.

As per The Ken in a June publication, Deloitte had raised concerns around refunds, loan guarantees and unusual revenue recognition practices.

The delay in filing its FY21 results comes at a time when multiple media reports have suggested that the company is struggling to manage cash for its operations and is resorting to cutting costs aggressively as well as looking at various ways to raise funds.

The edtech pioneer has raied over $6 billion over its 12 year lifespan. The $ 22 billion worth unicorn made at least 10 acquisitions for a cumulative transaction value of about $2.5 billion last year.

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