India’s Ministry of Company Affairs has requested Byju’s to elucidate why it hasn’t filed its audited financials for the 12 months ending March 2021, Bloomberg Information reported Thursday.
Edtech large Byju’s, which is India’s most respected startup with a valuation of $22 billion, has missed the deadline to file its audited outcomes by 17 months.
The startup — backed by scores of high-profile traders together with Blackrock, Tiger International, UBS, Prosus Ventures, Sequoia India and Lightspeed Enterprise Companions — mentioned in early July that it’ll file the outcomes inside 10 days. It has since repeatedly missed its personal deadline.
The Ministry of Company Affairs’ inquiry follows Indian lawmaker Karti Chidambaram calling for an investigation into the funds of the agency for not submitting its statements.
Chidambaram, a member of Parliament for Sivaganga within the Lok Sabha, wrote an open letter to the nation’s fraud regulator, requesting they open an investigation into the funds of Byju’s, which as he identified has but to safe $250 million capital from its most up-to-date funding spherical unveiled in March and has fired a whole lot of staff and is in parallel seeking to purchase an American agency at a valuation of over $2 billion.
The corporate didn’t instantly reply to a request for remark.
Byju’s has additionally been out there to lift a brand new spherical for over 4 months however has had little to no success, in response to a supply straight accustomed to the matter.
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