Going overboard with acquisitions over the past couple of years, aided by heavy investor funding to the tune of over $2 billion since the onset of the pandemic, it has hit Byju's where it hurts
The startup "made errors in judgment as we followed growth at all costs, including in regard to financial reporting, which we deeply regret," says GoMechanic co-founder Amit Bhasin.
The Bengaluru-based edtech company will utilise the funds to launch new test preparation and examination categories, create new learning content and product.