Deloitte Audit Report Very Soon as BYJU's Files FY20-21 Tax Returns
IANS 16 August 2022
The initial public offer (IPO)-bound ed-tech major BYJU's, which has filed its tax returns for FY20-21, is set to make public the audited financial statement for FY20-21 from global consulting firm Deloitte very soon, top sources privy to the development said on Monday.
The audited financial statement for FY20-21 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 US$2.5bn (billion) last year, people close to the matter told IANS.
According to them, there are 'no compliance issues' as the company has filed its FY20-21 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 FY20-21 and each of these acquisitions had a different accounting style and year.
So far, BYJU's has raised over US$6bn in funding, with its founder and chief executive officer (CEO) Byju Raveendran infusing US$400mn (million) from his own pocket, during the latest US$800mn funding round at a valuation of US$22bn.
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 US$1bn as it expands globally.
According to reports, BYJU's is eyeing NASDAQ-listed American ed-tech company, 2U, for nearly US$1bn at US$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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