India”s edtech major Byju”s could only marginally narrow its net loss despite the post-pandemic boom, according to the company”s FY 2022 financial results. This is the first time in years that the company has published its financial results, despite pressure from regulators and investors. Previously, auditor Deloitte Haskins & Sells had resigned from the company in frustration over its refusal to publish its results.

The Bengaluru-based online tutoring firm”s parent, Think & Learn Pvt. Ltd., reported a net loss of Rs. 22.5 billion ($271 million) for the financial year ending March 2022, compared to a loss of Rs. 24 billion in the previous year. The company”s revenue doubled to Rs. 35.7 billion.

Cash-strapped Byju”s, once a symbol of India”s growing startup ecosystem, is currently grappling with a number of problems, including a lawsuit filed by its lenders for breach of contract, which could make the company liable to pay Rs. 1.2 billion in loan repayments.

The authorities had previously scrutinized Byju”s financial documents, as the company had failed to disclose its financial results for many years. In an attempt to capitalize on the pre-pandemic boom, the company had made a number of acquisitions around the world, including in India, but these moves only exacerbated its struggles.

One of Byju”s main investors, Prosus NV, sold its stake in the company, which caused the startup”s total valuation to fall to $5.1 billion. Last year, Byju”s raised funds at a valuation of $22 billion.