Edtech giant BYJU’S has reportedly committed to completing the long-pending audit of its financial year 2022 by September and its fiscal year 2023 by December. According to sources familiar with the situation, BYJU’S CEO Byju Raveendran spoke with shareholders on Saturday and took responsibility for past mistakes, assuring them that he has learned from each one.
During the call, Raveendran also acknowledged the resignation of board members, but said that the company has not yet accepted them and that information about their resignation was leaked out prematurely. The commitment to completing the financial audits comes amid concerns raised by investors over the delayed audits and questions about BYJU’S financial reporting standards.
BYJU’S has rapidly grown to become a leading edtech company in India, valued at over $16 billion and with a user base of more than 100 million students. The company has raised a significant amount of funding, including a $1 billion round led by BOND and Tiger Global Management earlier this year. However, the success and growth of the company have also faced criticisms and concerns, including questions about the viability of its subscription model and the quality of its content.
Despite these concerns, BYJU’S continues to expand globally and has acquired several companies, including Aakash Educational Services, WhiteHat Jr, and Great Learning, in a bid to diversify and strengthen its offerings. The commitment to completing the delayed audits may be seen as a step toward greater transparency and accountability, which could further solidify the company’s position in the edtech market.
In conclusion, BYJU’S has promised its investors to complete the audits for fiscal year 2022 and 2023 by September and December, respectively. The company’s CEO recognized past mistakes and assured shareholders that he has learned from them. The delayed audits have raised concerns among investors, but BYJU’S remains a leading edtech company in India, with a large user base and significant funding. While some criticisms and concerns exist, the commitment to greater transparency and accountability could further strengthen BYJU’S position in the market.
