Edtech major Byju's is expected to make financial results for 2020-21 public next week after meeting with shareholders, according to sources privy to the development. The company had informed the Ministry of Corporate Affairs in July that it will announce its financial result on September 6.
"Byju's has now obtained an unqualified report from our audit partner Deloitte. The board has approved the audited financial results. Byju's is waiting for the shareholder meeting (expected later this week) before announcing the results in the coming week. Byju's is also in the midst of a round and it hopes to share details of that equally soon," a source told PTI. The MCA had issued a notice to Byju's for the delay in filing the financial result.
The company had posted around 82 per cent increasing operating revenue of Rs 2,381 crore in the financial year 2019-20 and its losses were Rs 262 crore. Byju's has set a target to close FY2023 with revenue of around Rs 17,000 crore.
The company is likely to raise over USD 500 million (about Rs 3,900 crore) at a valuation of around USD 23 billion in about a week. The company is planning to use the funding for acquisition in the US, they added.
The company is in discussion with Abu Dhabi's Sovereign Wealth Funds (SWF) and Qatar Investment Authority (QIA) for raising in the range of USD 400-500 million and USD 250-350 million, respectively, according to the sources. According to the sources, the funding is part of the company's plan to use the fund for inorganic expansion, especially in the US.
The company has already acquired US-based reading platform Epic for USD 500 million and coding site Tynker for USD 200 million. The other overseas acquisitions of Byju's include Singapore-based Great Learning for around USD 600 million and Austria's mathematics operator GeoGebdra for approximately USD 100 million.
Byju's is learnt to be in active discussion with US-based edtech firm 2U, which runs platforms like edX that offers online courses created by Harvard University, Massachusetts Institute of Technology (MIT) and Boston University, among others.However, according to a company insider, there is no active discussion going on with Chegg. Byju's, which has a presence in 120 countries, claims to have 7.5 million paid users on its platform and maintains an average retention or renewal rate of 86 per cent annually.