At AGM, Byju’s investors press for transparency from founder
Byju’s founder Byju Raveendran to ensure full transparency about company financials and the latest state of affairs at the edtech firm at its annual general meeting, according to people present at the meeting.
Investors made it clear that full clarity on what is going on in the company needed to be communicated to the shareholders and only with this transparency, trust could be built for them to support the firm in any manner going forward, according to an investor.
Elevate Your Tech Prowess with High-Value Skill Courses
Offering CollegeCourseWebsiteIIM KozhikodeIIMK Senior Management ProgrammeVisitIndian School of BusinessISB Professional Certificate in Product ManagementVisitIIM KozhikodeIIMK Advanced Data Science For ManagersVisitThe AGM on Wednesday evening lasted for nearly three hours.
Byju’s audited financials for fiscal 2022 and reappointment of auditor BDO were among the resolutions passed during the AGM.
The consolidated loss of Think & Learn, Byju’s parent company, is estimated to have crossed around Rs 8,200 crore in FY22 on revenue of more than Rs 5,000 crore, a person briefed on the numbers said.
As much as half of the loss was due to the write-off of the Whitehat Jr subsidiary, which it bought for $300 million in 2020.
Whitehat Jr is the code teaching unit of Byju’s which got embroiled in controversies due to business practices. It is seen as being non-existent internally even though Byju’s hasn’t formally shut it. Byju’s parent, Think & Learn’s FY22 numbers are yet to be filed with the Registrar of Companies. The final numbers may change, the person briefed on the matter said.
The latest financials show the FY22 loss has nearly doubled from the year before, while revenue fell 50% short of what was
