Edtech major Byju’s investors have prodded the founder Byju Raveendran for transparency about company financials and its latest state of affairs at the firm’s annual general meeting, according to people present at the meeting.

The edtech major’s AGM was held on Wenesday with 60 investors, where Byju’s audited financials for fiscal 2022 and reappointment of auditor BDO were among the resolutions passed during the AGM.

The consolidated loss of Think & Learn, Byju’s parent company, is estimated to have crossed around ₹8,200 crore in FY22 on revenue of more than ₹5,000 crore, the source added. Nearly 50 per cent of the losses is linked to the decision to write off the acquisition of coding platform WhiteHat Jr.

However, the investors have made it clear that shareholders need to be communicated on the situation of the company and only with this transparency, trust could be built for them to support the firm in any manner going forward. Investors reiterated their demand for audited FY23 financials to be furnished at the earliest possible to founder Raveendran.

In the AGM, the investors also enquired about the sale of Epic for which the company has shortlisted four companies and is currently awaiting binding offers from them.

On Wednesday, a spokesperson for Byju’s said its chief financial officer - India, Nitin Golani, also briefed the shareholders on the audit functions, while India CEO Arjun Mohan provided business updates and plans.

Byju’s revealed consolidated revenues of over ₹5,000 crore for the year, a 2X increase from ₹2,280 crore in FY21. It missed the revenue target of ₹10,000 crore, which was outlined in a statement issued in September 2022.

The edtech is expected to file the audited financials for FY22 with the Ministry of Corporate Affairs in the coming weeks. In November, it had disclosed selected standalone numbers of Think & Learn, saying revenues had doubled to ₹3,569 crore and EBITDA loss had narrowed by seven per cent to ₹2,253 crore. 

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