Byju's booked a loss of Rs 4,588 crore for fiscal year ended March 31, 2021, 19 times more than the preceding fiscal, as the nation's most valuable startup on Wednesday released audited financial statements after months of delay.
As schools shut down at the beginning of the pandemic, an Indian ed-tech startup started making waves amidst a surge of online education as an alternative for students. However, this sudden fall have raised a lot of questions about a startup that was surging ahead and is backed by ace investors including Tencent, Sequoia, Chan-Zuckerberg Initiative and Tiger Global.
When people realized that the app which made money by convincing customers to invest in installing and using the service, despite the presence of traditional school systems, Twitterati began reacting over Byju's loss in no time. Check some tweets, right here:
