'No Compliance Issues' As BYJU's Files FY21 Tax Returns

NEW DELHI: The edtech company that is set to go public, BYJU’s company, which has filed tax Returns for the fiscal year 2020-21 is scheduled to release the audited financial statements for FY21 by the global consulting firm Deloitte in the near future top sources with knowledge of the development informed IANS on Monday..

The financial statement that Deloitte has audited for FY21 by Deloitte could be released “within one week” since the consolidation of businesses is completed following “ironing out the difficulties” because the tech giant was involved in more than 10 acquisitions with the total worth of around $2.5 billion in the last year, according to those who are familiar with the issue.

According to them the company, there are “no issues with compliance” since the company has submitted its tax Returns in the “due diligent manner” and the Deloitte audit report will be available shortly.

BYJU’s, which was under severe scrutiny in the last couple of months, over a range of issues ranging from delayed audits and layoffs, completed multiple acquisitions in FY21.Each of these acquisitions featured distinct accounting styles and year.

So so far, BYJU’s has raised over $6 billion in capital, with its Founder and CEO Byju Raveendran contributing $400 million from his personal pocket during the most recent round of funding that was worth $800 million, at a an estimated value of $22 billion.

BYJU’s hopes to launch an IPO in the US via the Special Purpose Acquisition Company (SPAC) method.

The company is reportedly in talks with investors to raise an additional $1 billion to expand across the globe.

According to reports, BYJU’s is eyeing Nasdaq-listed American Edtech firm, 2U, for nearly $1 billion at $15 per share.

The firm has “closed” the payment in connection with the $1 billion purchase of offline test preparation service supplier Aakash Educational Services.