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Indian lawmaker calls for investigation into edtech giant Byju’s finances

Indian lawmaker calls for investigation into edtech giant Byju’s finances Image
  • Posted on 21st Jul, 2022 10:33 AM
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Karti Chidambaram, an Indian lawmaker, has called for an investigation into the finances of Byju’s, the country’s most valuable startup, for not submitting its statements for the financial year that ended in March 2021, which he alleged violates a local law, and other “loopholes.” Chida…

Karti Chidambaram, an Indian lawmaker, has called for an investigation into the finances of Byju’s, the country’s most valuable startup, for not submitting its statements for the financial year that ended in March 2021, which he alleged violates a local law, and other “loopholes.”

Chidambaram, a Member of Parliament for Sivaganga in the Lok Sabha, on Wednesday wrote to the country’s fraud regulator, requesting they open an investigation into the finances of Byju’s, which as he pointed has yet to secure $250 million capital from its most recent funding round unveiled in March, has fired hundreds of employees and is in parallel looking to acquire an American firm at a valuation of over $2 billion.

Chidambaram, who has previously criticized instant delivery startups of putting unrealistic pressure on delivery personnel, said Byju’s has missed the legal deadline to submit its financial statements for FY 2020-21.

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