BUSINESS
In the same call, Byju’s has promised to close the long-pending audit for financial year 2022 by September this year.
Amid concerns around the $22 billion edtech giant’s corporate governance and finances, CEO Byju Raveendran admitted past mistakes in a call with shareholders. The Byju’s founder also assured shareholders that any missteps are far outweighed by his learnings, PTI reported citing sources aware of the development.
In the same call, Byju’s has promised to close the long-pending audit for financial year 2022 by September this year. The audit for FY23 will be completed by December, the company further committed as per sources.
Raveendran also acknowledged the recent resignations of board members in the call. He informed shareholders that the resignations had not yet been accepted and the news about them stepping down was leaked prematurely.
“Byju Raveendran introduced Group CFO Ajay Goel on the call. Goel has committed to close the audit of financial year (FY) 2022 and FY 2023 by September and December respectively,” a person who attended the call told PTI.
Raveendran further assured the shareholders that despite the challenges faced by Byju’s, most business verticals are performing well.
“Raveendran during the call highlighted his personal investments in the company, including USD 400 million in the parent company, USD 250 million for the Aakash acquisition, and an additional USD 250 million through pledged secondary shares for the last funding round," the source said.
(Inputs from PTI)
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