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Byju's claims to have closed all its payments due to the shareholders of Aakash Educational Services on July 4. It is also prepared to file its financial statements for the F.Y 2020-21 with the Ministry of Corporate Affairs (MCA).
"Our payments to Aakash are closed and the audited financial results are going to be announced in the next 10 days," Byju's said.
This came to limelight when the Ed-tech's auditors Deloitte had refused to sign the financials owing to the large payments due, approximately $1 billion to the shareholders reflected in its financials.
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As a part of regulatory requirements, private companies have to file their annual statements with the Ministry of Corporate Affairs (MCA).
Replying to the media reports, Byju's said that the company had mutually agreed with Aakash to extend the payments to August this year, with the latter acknowledging the payout.
Byju is considered to be the most valuable startup in the Ed-tech domain. With an aim to raise a funding of $800 million in March 2022 and not able to accumulate enough funds the company assured that its fundraising is 'on track.'
"Our fundraising efforts are on track and the majority of the 800 million (dollars) has been already received. The balance is also expected soon," Byju's said.
In order to cut costs, the company laid off more than 2500 employees from its group leaving few teams with no members. Also, the company might be planning to raise $ 1 billion through debt financing.
-by Gautam
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