Byju Raveendran is the co-founder and chief executive of an ed-tech unicorn, it has briefed shareholders and board members about the difference between its audited number and projected revenue. The discrepancies are arising due to a change in the way the company recognizes its revenue.
The discussion with the investors, including Sequoia Capital, General Atlantic, T Rowe, and Blackrock, comes at a time when Byju has delayed reporting its financials for the fiscal year ending March 31, 2021. The ed-tech firm is based in Bengaluru, and it is India’s most valued startup at $22 billion. It has faced heightened scrutiny for the 18-month delay in filling out its accounts.
The online tutoring firm is expected to hold its annual general meeting over the next few days. They also present its audited financials for FY21 for all the stakeholders, three people in the know said. Even though the board has approved the results, the financials have not been shared with all the investors. It will be filled by the Registrar of the companies.
Deloitte is the official accountant of the company, and the accounting firm had not signed off on Byju’s accounts, raising issues around the company’s revenue recognition practices. Revenue recognition is an accounting term and it outlines the specific conditions under which revenue is recognized.
FAQ
- Who is the official accountant of the company?
Ans. Deloitte
- What is the full form of AGM?
Ans. Annual General Meeting
- Who is the co-founder of Byjus?
Ans. Byju Raveendran
