Byju Raveendran has come out to clear the air on misconceptions regarding his move to Dubai, while expressing his intent to revive the edtech brand, which has faced significant challenges in recent years.
“It's very unfortunate that people think that I ran to Dubai because I had to... I came to Dubai for a year for my father's treatment, which led to our ongoing stay. But let me be clear, I did not run away,” he stated in his first virtual press conference in the last four years since troubles started mounting on the firm over legal and governance issues.
In a candid discussion, Raveendran expressed his intent to revive Byju's, which has faced significant challenges in recent years. “I’ll come to India and I’ll fill stadiums... The timing has not been decided, but it will be soon,” he said, hinting at a resurgence of the brand under a new form while maintaining its core mission.
“I only need to see a one percent chance to make it work. I’m not worried about what order will come. Whatever comes, I’ll find a way out," he added.
Once a favorite 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.
As of September 26, 2024, the Supreme Court of India has reserved its judgment on a petition challenging the National Company Law Appellate Tribunal's (NCLAT) decision to allow a settlement and the verdict on whether the firm will undergo restructuring or liquidation is awaited.
"We are in a position where the business needs to be restructured. The burden of debt is too heavy, and we must take decisive action to regain trust. Losing investor confidence is something I never anticipated. The operational missteps have led us to this point, and it’s crucial to rebuild that trust moving forward," he said.
"Will make a comeback"
Reflecting on the company’s trajectory, Raveendran affirmed, “I will make a comeback. It’s not going back to a $20 billion company. The comeback is to continue my mission.”
He reassured stakeholders that there were no deliberate errors in governance, stating, “We have not done any intentional mistake. There is no fraud, and if there was, I wouldn’t have put all my family’s money back in. We know what is inside more than anyone else.”
The conversation also delved into the operational challenges faced by Byju's. Despite the turmoil, Raveendran maintained that the brand still attracts a significant number of users. He stated, “We have more users than any other platform, and that's a huge responsibility. So there is no way we are running away.”
He acknowledged the financial difficulties, noting, “At its peak, we were doing 400 crores per month; right now, obviously, nothing is right. We have just kept the platforms running.”
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