After more than a year's delay, edtech start-up Byju's announced its audited results for the financial year 2020-21 that showed losses of Rs 4,500 crore, a massive 17-fold increase over the Rs 262-crore loss in the year 2019-20. Those losses were on a revenue of Rs 2,428 crore. The company said that losses were partly on account of the losses from White hat, the children's coding classes business it acquired for $300 million in 2020. In the 2019 fiscal, Byju's losses were at Rs 8.9 crore. “Most of our acquisitions were fast growing, but they were loss-making. In FY22, on account of significant growth, the losses are expected to come down," said founder and CEO in an interaction. Byju's has spent nearly $3 billion on 20 acquisitions, including $1 billion last year for Aakash Educational Services, and $600 million last year for Great Learning, which specialises in online higher and professional education. Last valued at $22 billion, Byju's is India's highest valued start-up. But over the past several months, it came under intense scrutiny for delaying the audited financials. Byju's said it has now received an unqualified report for 2021 fiscal from its auditor, Deloitte Haskins & Sells. He said that should end all speculation about the business. He said the delay was because of the complexities involved in combining the accounts of all its acquisitions, and changes in revenue recognition policies. It was decided that revenue from online courses would not all be recognised as soon as the sale happens, but would be recognised over the period of consumption. Similarly, for credit sales or EMI-based payments from customers, revenue would be recognised over the period of collection.