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'No compliance issues' as BYJU's files FY21 tax returns, Deloitte audit report soon

PUNJAB NEWS LINE | August 15, 2022 12:51 PM

The IPO-bound edtech major BYJU's, which has filed its tax returns for fiscal year 2020-21, is set to make public the audited financial statement for FY21 from global consulting firm Deloitte very soon, top sources privy to the development told IANS on Monday.
NEW DELHI: The IPO-bound edtech major BYJU's, which has filed its tax returns for fiscal year 2020-21, is set to make public the audited financial statement for FY21 from global consulting firm Deloitte very soon, top sources privy to the development told IANS on Monday.

The audited financial statement for FY21 from Deloitte may also be made public "within a week" as the consolidation of businesses is complete after "ironing out the complexities" as the edtech unicorn made at least 10 acquisitions for a cumulative transaction value of about $2.5 billion last year, according to the people close to the matter.

According to them, there are "no compliance issues" as the company has filed its tax returns in the "due diligent manner" and the Deloitte audit report will be made available soon.

BYJU's, which faced intense scrutiny in the past couple of months over several issues ranging from delayed audit and layoffs, made multiple acquisitions in FY21 and each of these acquisitions had a different accounting style and year.

So far, BYJU's has raised over $6 billion in funding, with its Founder and CEO Byju Raveendran infusing $400 million from his own pocket, during the latest $800 million funding round at a valuation of $22 billion.

BYJU's is aiming to file an IPO in the US through the Special Purpose Acquisition Company (SPAC) route.

The company is also reportedly in talks to raise another $1 billion as it expands globally.

According to reports, BYJU's is eyeing Nasdaq-listed American edtech company, 2U, for nearly $1 billion at $15 a share.

The company has already "closed" payments related to its $1 billion acquisition of offline test preparatory services provider Aakash Educational Services.

 
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