India’s Education Tech Giant Struggles With Math

Private-equity and venture-capital investors in Byju’s, India’s most valuable startup, caught a break this week—the company isn’t listed yet. If it had been, gyrating markets seem very likely to have caused some serious vertigo.

The Indian education-technology company finally released audited financial statements for the financial year ended in March 2021 on Wednesday, after an 18-month delay. Losses ballooned but revenue was nearly flat at the equivalent of $304.6 million—an unpleasant surprise since Indian edtech companies logged massive user growth when schools shut down during the pandemic.

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