Business

Delayed FY21 Data States How Byju’s Losses Increased To ₹4,500 Crore

Published

2 years ago

September 16, 2022

Delayed FY21 Data States How Byju's Losses Increased To ₹4,500 Crore

A far cry from its expectations, edtech giant Byju’s reported earnings of Rs 2,428 crore for the fiscal year that ended in March 2021. Due to an 18-month postponement that also drew regulatory scrutiny, the start losses increased 17-fold to more than Rs 4,500 crore during the fiscal year.

In FY21, Byju’s total revenue was approximately Rs 2,428 crore, which accounts for a decrease of 14% below that of the Financial Year 2020’s revenue which is Rs 2,704 crore. Thus, Byju’s underwent a loss of Rs 4,588 crore in the financial year 2020-21. Moreover, in 2020, it faced a loss of ₹160 Crores as well.

It is important to note that these numbers pertain to the year ending March 2021, considered to be a high period for the uptake of online learning due to the closure of schools and other educational programs due to the epidemic.

Byju’s financial disclosures followed an unexpected delay in the auditors Deloitte’s approval of the figures, which must have sparked compliance-related concerns inside the start-up. Byju’s revenue recognition practices had raised several red flags for Deloitte, which caused a delay in submitting the findings to the Ministry of Corporate Affairs (MCA).

The New Revenue Recognition at Byju’s After Change

There seem to be two substantial changes to whether the corporation was estimating its sales, according to Deloitte Haskins & Sell’s notes that are included with Byju’s yearly income statement.

Streaming platform earnings, which were previously completely acknowledged at contract initiation, have been amended to be recognized ratably throughout the contract. Considering interest payments made to loan associates on account of consumers for loans made straight to the customer had the characteristics of contributions to customers, the financial cost has been categorized and allocated towards revenues.

Impact of New Revenue Recognition on Byju’s

The revised financial reporting technique had a $1,156 crore influence on Byju’s operating profit in FY21. Analyses have not taken this sum into account. Earnings from these transfers of commodities will be acknowledged, to the degree that any money received is non-refundable, whenever practically all of the amount is received by (Byju) and then when the deferred compensation conditions expire due to default or any other non-performance by the client.

Business

David Beckham, Soccer Legend, Sues Hollywood Star Mark Wahlberg for Allegedly Defrauding Him of $16.4 Million

Published

5 mins ago

April 23, 2024

Manoj Nair

David Beckham, Soccer Legend, Sues Hollywood Star Mark Wahlberg for Allegedly Defrauding Him of $16.4 Million

Former deep friends and business associates, soccer legend David Beckham and Hollywood star Mark Wahlberg, are now crossing swords, with the former suing the latter over an £8.5 million ($16.4 million) dispute.

David Beckham Lawsuit Against Mark Wahlberg’s F45 Training Company

In his lawsuit, David Beckham alleges that Wahlberg’s F45 Training Company behaved fraudulently and misled during business transactions.

The lawsuit also names Wahlberg’s Mark Wahlberg Investment Group (MWIG), and F45’s founders, Adam Gilchrist and Rob Deutsch, as defendants.

The legal battle between Beckham’s firm, DB Ventures Ltd, and Wahlberg’s F45 Training began in 2022 and was later joined by Australian golf entrepreneur Greg Norman. However, the Judge directed the two parties to present their cases separately. Both Beckham and Norman alleged in their filings that Wahlberg misled them into becoming brand ambassadors. Beckham also claimed in the filing that he lost over £8.5 million because he did not receive the promised shares just before their value plummeted.

Beckham’s company, DB Ventures Ltd, had signed a deal with F45 Training, a company in which Wahlberg has a 36% stake and also serves as the chief brand officer. Beckham’s association with Mark began when he moved to California to play for the L.A. Galaxy and became F45’s Global Ambassador. Beckham, who has millions of social media followers, immensely benefited F45 through this association. However, Beckham never received the $10 million he was promised, and subsequently, the company’s shares tanked.

Wahlberg has refuted all the allegations as baseless and called for the lawsuit to be dismissed. He added that Beckham’s company is blaming everyone but not examining its own actions. Relations between Wahlberg and Beckham were very cordial, and the two were neighbors when the former English footballer moved to Los Angeles in 2007, residing in the same Beverly Hills location. Beckham also promoted F45 on social media, including Instagram, but the posts have since been deleted.

Beckham’s wife, Victoria Beckham, celebrated her 50th birthday on Saturday at a club called Oswald’s, along with her family, including her children Brooklyn, Romeo, Cruz, and Harper. The birthday party was also attended by her former Spice Girl bandmates Emma Bunton, Mel C, Mel B, and Geri Horner. The guest list also included Eva Longoria, Gordon Ramsay, and Tom Cruise.

Also Read: 4 Inspirational David Beckham Hairstyles That Every Fan Should Try At Least Once

Net Worth

Rizwan Sajan Net Worth 2024: How Much is the Indian Businessman Worth?

Published

20 hours ago

April 22, 2024

Vishnu Chaudhary

Rizwan Sajan Net Worth 2024: How Much is the Indian Businessman Worth?

Who is Rizwan Sajan?

Rizwan Sajan is a distinguished Indian entrepreneur renowned for his founding role in The Danube Group, a leading building materials company based in Dubai. Despite humble beginnings, Sajan’s journey exemplifies resilience, determination, and the transformative power of entrepreneurship.

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Rizwan Sajan Career

Sajan’s career trajectory reflects a remarkable rise from modest origins to entrepreneurial success. Starting as a hardware store employee in Dubai during the early 1990s, he laid the groundwork for his future endeavors. His entrepreneurial spirit led him to establish The Danube Group in 1993, marking the beginning of his pioneering journey in the business world.

Rizwan Sajan Net Worth

As of 2024, Rizwan Sajan’s net worth stands at a staggering Rs 18,000+ crores. This substantial wealth places him among the elite echelons of business magnates globally, underscoring his exceptional achievements and contributions to the industry.

Rizwan Sajan Age

Born on August 8, 1963, Rizwan Sajan is currently 60 years old, symbolizing a lifetime of dedication, perseverance, and entrepreneurial prowess.

Rizwan Sajan Family: Wife and Children

Sajan cherishes a strong familial bond with his wife, Sameera Sajan, and their son, Adel Sajan, who is married to Dr. Sana Sajan. Their close-knit family dynamic underscores the importance of love, unity, and support in Sajan’s personal and professional life.

Rizwan Sajan Height and Weight

Specific details regarding Rizwan Sajan’s height and weight are not widely available, emphasizing the focus on his accomplishments rather than superficial attributes.

Also Read: Karl-Erivan Haub Net Worth 2024: How Much is the Former Managing Director of the Tengelmann Group Worth?

Net Worth

Karl-Erivan Haub Net Worth 2024: How Much is the Former Managing Director of the Tengelmann Group Worth?

Published

3 days ago

April 20, 2024

Vishnu Chaudhary

Karl-Erivan Haub Net Worth 2024: How Much is the British musician and bassist Worth?

Who is Karl-Erivan Haub?

Karl-Erivan Haub, a prominent figure in the German retail industry, was born into the influential Haub family on September 29, 1932, in Wiesbaden, Germany. He was the son of Erich Haub and Elizabeth Haub (née Schmitz-Scholl), belonging to the esteemed Mülheim family Schmitz-Scholl, renowned founders of the Tengelmann grocery chain.

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Karl-Erivan Haub Career

Haub’s career trajectory was marked by his dedication to the Tengelmann Group, one of Germany’s largest retail entities. After completing internships in the United States and obtaining a degree in economics from the University of Hamburg, Haub joined the family business in 1963. He ascended to the position of managing director in 1969, steering the company’s strategic direction towards retail trade expansion. Notable milestones include the acquisition of The Great Atlantic & Pacific Tea Company in 1979, which cemented Tengelmann’s international presence.

Karl-Erivan Haub Net Worth

At the time of his passing in March 2018, Karl-Erivan Haub left behind a significant net worth of $6.4 billion. However, recent developments have sparked intrigue, with reports surfacing of his alleged reappearance in Moscow after being declared legally dead in 2021. The circumstances surrounding his net worth remain uncertain amidst this perplexing saga.

Karl-Erivan Haub Age

Born on September 29, 1932, Haub would have been 91 years old in 2024 if he had not been declared legally deceased in 2021.

Karl-Erivan Haub Family: Wife and Children

Haub was married to Helga Otto in 1958, and together they had three sons: Karl-Erivan, Georg, and Christian W.E. Haub. His dedication to family and philanthropy underscored his personal and professional endeavors, leaving a lasting legacy beyond the business realm.