: BYJUs says will file financial results for last 2 years this month #IndiaNEWS #National New Delhi, June 15 | After reports surfaced that edtech giant BYJUs, last valued at billion, is yet to file

BYJUs says will file financial results for last 2 years this month #IndiaNEWS #National
New Delhi, June 15 | After reports surfaced that edtech giant BYJUs, last valued at billion, is yet to file its financial statements for FY21 and FY22, the company said on Wednesday that it has completed the consolidation of businesses and will be filing its financial results this month.
The edtech unicorn made at least 10 acquisitions for a cumulative transaction value of about . 5 billion last year.
According to a report in The Ken, BYJUs auditor Deloitte hasnt yet signed off on its 2021 financials and its reticence comes from the lending and accounting decisions that Byjus has made.
A BYJUS spokesperson told IANS that multiple acquisitions were made in FY21 and each of these acquisitions had a different accounting style and year.
We have completed the consolidation of businesses and will be filing our financial results this month. We would also like to highlight that securitisation and First Loss Deposit Guarantee (FLDG) are accepted industry practices, the spokesperson said.
According to the report, BYJUs offers a 100 per cent default guarantee called FLDG to some lending partners that make loans to its customers.
If the customer fails to repay, BYJUs has to foot the bill.
The Ken report said that working with lenders that help consumers finance a course lies at the heart of what allows Byjus to book revenues in advance.
The company replied to IANS that were it not for FLDG, the majority of consumer parents would not have been able to raise personal loans from banks and financial institutions at affordable rates.
Through our innovations and best practices, we continue to bridge the gap in the quality education space and make education accessible for all, said the edtech unicorn.
BYJUs said that all business practices, from student success to governance and accounting standards, have been in operation for the last six years, have been audited by Deloitte and records are submitted to all relevant authorities over these years.
A query sent to Deloitte went unanswered.
So far, BYJUs has raised over billion in funding, with its Founder and CEO Byju Raveendran infusing 0 million from his own pocket, during the latest 0 million funding round at a valuation of billion in March.
BYJUs is also aiming to file an IPO in the US through the SPAC route.
The edtech company is in for a big change with Raveendran set to focus his energies on global operations, especially in the US, as the Indian online edtech market shrinks considerably with schools, colleges and tuition centres reopening.
Sources close to the development earlier told IANS that Raveendran is all set to hand over India operations to Chief Operating Officer Mrinal Mohit.