Edtech firm Byju’s parent, Think & Learn Pvt Ltd, has reported a consolidated loss of Rs 8,245 crore on operating revenue of Rs 5,014 crore for the fiscal year ended March 31, 2022, in a regulatory filing of the results that it made after multiple missed deadlines over the past year.
Its consolidated revenue jumped 118 percent from Rs 2,428 crore in FY21 to Rs 5,298 crore in FY22, whereas losses ballooned from Rs 4,564 crore in FY21 to Rs 8,245 crore in FY22.
The company has laid off thousands of employees in the past two years as it battled a double blow of drying venture capital funding and slowing demand for online learning services.
The auditor further said, “However, as further explained in the Note, the management has undertaken various measures to improve its operating financial condition, is also in the process of securing necessary funding arrangements and exploring sale of assets as needed, and hence is confident regarding the future viability of the Group.”
“Further, basis a legal opinion, the management is of the view that it is unlikely that the TLB loan will be required to be paid in the foreseeable future. Accordingly, these financial statements for the year ended March 31, 2022 have been prepared on a going concern basis,” it added.
At its peak, Byju’s was valued at $22 billion. The company needs money as an immediate lifeline, but most of the early investors it has approached with the proposal for fresh fundraising have said no.
The audited financials for FY22 also noted the management’s confidence in the future viability of the company. The audit for FY23 financials is currently underway and is yet to be completed.