BYJU’S sells its services to the GCC customers through More Ideas General Trading LLC, an unrelated entity located out of Dubai
The edtech startup’s auditor said revenues of INR 260 Cr in FY22 was not recognised as “these transfers” did not meet the criteria under Ind AS with respect to the probability of collection
The startup said it assessed the credit risk on the amounts recoverable and estimated a provision for expected credit loss of INR 119.15 Cr
Beleaguered edtech major BYJU’S sold educational content worth INR 634.18 Cr to customers in the Gulf Cooperation Council (GCC) countries in the financial year 2021-22 (FY22), up from INR 497 Cr in the prior fiscal.
However, its auditor stated that it didn’t recognise revenue totalling INR 260 Cr from this total revenue. The edtech giant sells its services to the GCC customers through More Ideas General Trading LLC, an unrelated entity located out of Dubai.