After 22-Months Delay, Byju's Report FY22 Results: Loss Of Rs 8245 Crore | Ready To Cut Valuation By 90% For Raising More Funds


Radhika Kajarekar

Radhika Kajarekar

Jan 24, 2024


Byju’s has filed FY22 financial statements with the Ministry of Corporate Affairs on January 23. However, this is after almost 22 months after the reporting period ended.

After 22-Months Delay, Byju's Report FY22 Results: Loss Of Rs 8245 Crore | Ready To Cut Valuation By 90% For Raising More Funds

The company has reported an increase of 118% from Rs 2,428 crore in FY21 to Rs 5,298 crore in FY22. Whereas, in FY22, losses of the company increased from Rs 4,564 crore in FY21 to Rs 8,245 crore in FY22.

Byju’s Filed FY22 Financials

Byju’s FY22 financials have shown that 69% of the operating revenue has been received from domestic sales and the remaining has been received from exports.

The company’s earlier disclosures have revealed that the company’s standalone revenue has increased to Rs 3,569 crore, with an EBITDA loss of Rs. 2253 crores.

Byju’s is looking to raise $100 million at a valuation of less than $2 billion. This is a reduction of 90% from its last funding round, where the company was valued at $22 billion.

BlackRock has a stake of less than 1% stake in Byju’s and has reduced Byju’s valuation to $1 billion from of $22 billion in early 2022.

As per reports, valuation cuts by investors over the past year have made for a challenging financial situation for Byju’s. The company has already fired thousands of employees in the last two years while suffering a lack of venture capital funding and slowing demand for online learning services.

Byju’s Auditor’s Note

As per Byju’s FY22 auditor, there a material uncertainty due to large losses and a $1.2 billion loan.

He further said, “However, as further explained in the Note, the management has undertaken various measures to improve its operating financial condition, is also in the process of securing necessary funding arrangements and exploring sale of assets as needed, and hence is confident regarding the future viability of the Group.”

As per Byju’s, Whitehat Jr and OSMO are underperforming, and make up for about 45% of the losses. Nitin Golani, Chief Financial Officer, BYJU’S, stated, “While we are happy that our total income has grown 2.2X, we are also aware of our underperforming businesses like Whitehat Jr and OSMO which contribute to 45% of the losses. We have taken various measures to improve our operating financial conditions. These businesses were scaled down significantly to cut losses in the subsequent years while other businesses continue to see growth.”


Radhika Kajarekar
Radhika Kajarekar
  • 793 Posts

Subscribe Now!

Get latest news and views related to startups, tech and business

You Might Also Like

Business
Dec. 8, 2022

Beat The Burden Of Medical Inflation With A Health Insurance

As disease rates rise and medical technology develops, treatment costs climb. It’s essential to understand that medical costs are not exclusively associated with hospitals. The cost of prescription drugs, diagnostic procedures, ambulance and operating room fees, consultations with doctors, and other costs are also constantly increasing. All of them could put a big strain on […]

Business
Dec. 8, 2022

3 Biggest Changes Of iOS 16.2 Update That Every iPhone User Should Know!

In its latest update Apple said that it is preparing for the iOS 16.2 update for iPhones across the world. Notably, like the previous release, there are a couple of changes coming for the iPhones.  iOS 16.2 Update Release Date So far, Apple has not announced a release date for iOS 16.2 update. Reportedly, the […]

Business
Dec. 8, 2022

300 Microsoft Employees Create Employee Union, First Time Ever: This Is How Microsoft Reacted

Around 300 workers at Microsoft Corp.’s ZeniMax Studios have commenced the process of forming a union which is said to be the first at the software giant in the US.  Here, Microsoft Corp.’s ZeniMax Studios known for popular video games including Skyrim and Fallout. Forming Union In Microsoft Corp Moreover, the quality assurance employees at […]

Business
Dec. 7, 2022

India Beats China In Air Travel Safety: Ranking Jumps From 102 To 48 In Global Aviation Safety

India’s air safety protocols and executions have improved drastically over the years, as validated by the findings of a specialized agency of the United Nations, the International Civil Aviation Organization or ICAO. The UN watchdog has upgraded India’s ranking in terms of aviation safety to the 48th position, jumping past the rankings of countries like […]

Recent Posts

Related Videos

   

Subscribe Now!

Get latest news and views related to startups, tech and business

who's online