India’s education tech giant struggles with math

Private equity and venture capital investors in Byju’s, India’s most valuable startup, took a break this week – the company is not listed yet. If that had been the case, the gyration of the markets would most likely seem to have caused some serious vertigo.

The Indian education technology company finally published audited financial statements for the year ended March 2021 on Wednesday, after an 18-month delay. Losses soared, but revenue was nearly flat at the equivalent of $304.6 million – a bad surprise as Indian edtech companies saw massive user growth as schools closed for the pandemic.