Byju's Misses Promised Deadline For Filing FY22 Financials
The delay comes as Byju's is in the "final stages of a restructuring", which will likely see several thousand employees laid off.
Edtech giant Byju's has missed a promised deadline for filing its much-delayed FY22 financials, amid the startup's structural overhaul.
The Byju Raveendran-led company had promised investors that it would file its FY22 earnings by September-end. That has been pushed to the second week of October, a company spokesperson told BQ Prime today.
"Think and Learn Pvt. today has issued a notice for convening a board meeting in the second week of October 2023 for approval and adoption of accounts for FY22. The board of directors along with the Advisory Council and certain invitees will meet to formally adopt the audited accounts," they said.
It had also promised investors it would file FY23 earnings by December 2023.
The delay comes as Byju's is in the "final stages of a business restructuring", which will likely see several thousand employees laid off alongside simpler operating structures for the edtech which made a spree of acquisitions.
Earlier, its auditor Deloitte had resigned before its term ended citing long delayed earnings. The company, facing investor and lender pressure, has had a turbulent past year, with valuation cuts by prominent investors, searches by the Enforcement Directorate, a legal battle with lenders over repayment terms, layoffs, and funding stuck in limbo.
