NEW DELHI: India’s most-valuable start-up Byju’s is facing larger scrutiny from the government as it has failed to submit its audited financial report from Deloitte for the financial year 2021 even after more than 17 months.
Insider company sources said the report is expected anytime soon, may be next week, but the long delay has now alarmed the Ministry of Corporate Affairs (MCA).
According to sources, the ministry sent a letter to Byju’s earlier this month, asking the $22 billion edtech startup to explain the delay in filing its audit report for FY21. The IPO-bound Byju’s, according to sources privy to the development, has completed the consolidation of businesses after “ironing out the complexities” as the edtech unicorn made at least 10 acquisitions for a cumulative transaction value of about $2.5 billion last year.
According to them, there are “no compliance issues” as the company has filed its FY21 tax returns in the “due diligent manner”.
Byju’s did not comment on the latest development.