Byju Raveendran, the founder of edtech firm Byju’s, has broken his prolonged silence with a detailed statement, outlining plans to stage a comeback for his beleaguered startup.
Addressing the firm’s financial woes and legal troubles, he also alleged foul play between Byju’s lenders and its interim resolution professional (IRP).
“I am the Byju of BYJU'S, and I am here now. I should have been here sooner. But I was too busy building my company. Then I was too busy saving everything I built,” he declared in a post on social media platform LinkedIn.
“I have long been wanting to connect with you directly. But I was waiting for justice to be done and truth to prevail. Today, I do not want to wait. Today, I cannot wait,” he added.
Raveendran’s post comes months after he expressed an intent to revive his troubled edtech startup. In October last year, the founder had come out to clear the air about misconceptions regarding his move to Dubai, in his first interaction with the media in four years.
“You have been told my family made a fortune by selling our shares. But that’s just half the story. You haven’t been told that all that ‘fortune’ has been put back in our company,” Raveendran said, reiterating ambitions to stage a turnaround.
Raveendran alleges foul play
In his post, Raveendran also alleged that he, along with several of his employees, has received a document with “conclusive evidence” of criminal collusion between EY India, US-based lender GLAS Trust, and the firm’s IRP Pankaj Shrivastava.
“I am sure a thorough investigation of this evidence will reveal the truth. I request the authorities to take that up immediately,” Raveendran said.
Once a favourite among global investors and valued at $22 billion in 2022, Byju's is now embroiled in a legal dispute with lenders over $1 billion in unpaid debts in both the United States and India courts.
The insolvency proceedings against Byju's began in June 2024 after the BCCI alleged that Byju's defaulted on a payment of Rs 158.9 crore related to a sponsorship deal. US-based financial creditor Glas Trust had objected to the settlement between Byju's and the BCCI, claiming that the money was “tainted” and had been misappropriated from them.
On February 10, the Bengaluru bench of the National Company Law Tribunal (NCLT) had directed BCCI to submit the Rs 158 crore settlement plea before the Committee of Creditors (CoC). If the plea were to be accepted, Byju’s would be able to exit insolvency proceedings.
“I live with the regret of not being able to fulfil the promises I once made to all my stakeholders. Trust me, we did everything in our capacity to stop the insolvency,” Raveendran said.
Acknowledging his mistakes, Raveendran maintained that Byju’s will stage a successful comeback
“From now on, you will hear it directly from me…To all BYJUites, past and present, I have just one message: stay strong, stay proud. Forgive me for my mistakes. We will be back stronger than ever before,” Raveendran said.
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