Byju's, last valued at $22.6 billion, disclosed its audited financial statements for the year ended 31 March 2021 after a delay of more than 18 months.
Co-founder Byju Raveendran blamed the company's losses on changes in accounting rules that determine how and when the company books revenue.
However, Raveendran, also the firm's chief executive, said that subsequent year's results would show more robust growth.
"There was significant business growth in FY21 over FY20, but since this is the first year when the new revenue recognition started because of a covid-related business model change, almost 40% of the revenue was deferred to subsequent years," he added.
This story is from the September 15, 2022 edition of Hindustan Times.
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This story is from the September 15, 2022 edition of Hindustan Times.
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