Byju Raveendran, de founder and former CEO of Byju’s, don break his silence on de company’s ongoing crisis. Speaking from Dubai, where he dey since early 2023 for his father’s medical treatment, Raveendran clarify say, “It’s very unfortunate that people think I ran to Dubai because I had to… I did not run away.”
Byju’s, once celebrated as a giant in de educational technology sector, don witness its valuation plummet from $22 billion to zero. Raveendran attribute dis dramatic decline to mounting debt, missed financial reporting deadlines, and de withdrawal of key investors like Prosus Ventures and de Chan Zuckerberg Initiative. He emphasize say these investors, who initially back de company’s aggressive expansion into 40 new markets, retreat following global market instability due to de Russia–Ukraine conflict.
Raveendran admit say he make mistakes, mistimed de market, and overestimate growth potential. He say de company’s aggressive acquisition of more than two dozen startups to expand into new markets prove fatal when financing dry up in 2022. Byju’s was planning to go public in early 2022 with several investment bankers giving de firm valuation as high as $50 billion.
De challenges facing Byju’s extend beyond financial woes. De company currently embroiled in legal issues and face allegations of corporate mismanagement, which Raveendran firmly deny. With unpaid dues mounting and an Indian tribunal initiating insolvency proceedings, Byju’s suffer considerable reputational damage.
Despite de adversity, Raveendran remain hopeful about de future of Byju’s. He express strong desire to return to India and revive de brand, stating, “I will come to India and I will fill stadiums… De timing has not been decided, but it will be soon.” Dis commitment highlight his determination to restore de company’s former glory and secure its position in de edtech landscape.
