Byju Raveendran recently clarified misconceptions surrounding his relocation to Dubai, stating that it was primarily for his father’s medical treatment, not an escape from challenges. “I did not run away,” he emphasised during his first press conference in four years, addressing the ongoing difficulties faced by Byju’s.
Plans for a New Edtech Venture
Raveendran announced his intention to launch a new edtech venture upon his return to India, which he plans to operate “at half the cost” of Byju’s. This initiative aims to revive his commitment to the education sector while embracing a fresh approach. He expressed optimism about the future, declaring, “I will make a comeback.”
Acknowledging Financial and Legal Struggles
Once valued at $22 billion, Byju’s is currently embroiled in bankruptcy proceedings due to a legal dispute over $1 billion in unpaid debts. Raveendran noted that since the market downturn in December 2021, the only investments in the company have come from himself and his co-founders. He criticised investors for abandoning the company at the first signs of trouble.
Reflecting on Byju’s Journey
Raveendran acknowledged the operational missteps and overestimation of growth potential that contributed to Byju’s downfall. He reassured stakeholders that there was no intentional wrongdoing or fraud, stating, “We have not done any intentional mistake.”
The Path Forward
Despite the challenges, Raveendran is determined to rebuild Byju’s reputation and regain investor trust. He noted that while the core business has no current revenues, subsidiaries such as Aakash and Great Learning continue to perform well, reporting a cumulative annual recurring revenue of ₹5,500 crore.
Responding to Allegations
He firmly denied claims of “fleeing” to Dubai and provided details on the ongoing financial disputes. Raveendran explained that $533 million at the centre of controversy has been allocated to cover future expenses, making it unavailable for current creditors.
Looking Ahead
Raveendran remains optimistic about his return to teaching and his mission to impact education positively. He believes that even if Think & Learn is shut down, he will find alternative ways to continue teaching. As he prepares for a comeback, he reflects on the lessons learned from his journey and emphasises the need for a renewed focus on student-centric education.
