HomeStartupByju's parent made a loss of Rs 8245 Cr in FY22: Report

Byju’s parent made a loss of Rs 8245 Cr in FY22: Report

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Byju's CEO apologises to employees after mass layoffs: read his full email  here - India Today
  1. Think & Learn Pvt, the parent company of Byju’s, experienced a considerable rise in consolidated revenue from operations to Rs 5,015 crore in FY22 from Rs 2,280.2 crore in FY21.
  2. However, the company’s losses also grew substantially, reaching Rs 8,245 crore in FY22 compared to Rs 4,564 crore in FY21.
  3. Byju’s missed its revenue guidance of Rs 10,000 crore, according to a report by NDTV Profit, and faced discontent among shareholders, including resignations from the board by investors like PeakXV and Prosus, citing communication breakdowns.
  4. Deloitte stepped down as the auditor due to similar issues, raising concerns about the audit readiness of the company’s financial books.
  5. The AGM was significant for Byju’s, which has been dealing with a liquidity crunch. Raveendran reportedly pledged properties to secure $12 million for employee salaries.
  6. In November, Byju’s announced part of its audited financial results, noting total income from its core business at Rs 3,569 crore in FY22, up from Rs 1,552 crore in the previous fiscal year. The EBITDA loss for the core business decreased by 6% to Rs 2,253 crore. However, the consolidated revenue and profit/loss numbers were not disclosed
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