According to TechCrunch, Karti Chidambaram, an Indian lawmaker, has urged an investigation into the finances of Byju’s 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 said Byju’s has missed the legal deadline to submit its financial statements for FY 2020-21.
Chidambaram, a member of Parliament for Sivaganga in the Lok Sabha. He 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.
In last December, Chidambaram pointed out In his speech that multiple concerns with Byju’s and the edtech industry, including false marketing, social media censorship, and unregulated educational content.
Byju’s, valued at over $22 billion, did not immediately respond to a request for comment.
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