Byju Raveendran, CEO and founder of embattled edtech startup Byju’s, has refuted speculation that he is “escape” to Dubai, saying he intends to return, repay loans and revive the brand, Hindustan Times reports .
“It is very unfortunate that people think I ran to Dubai because I had to… I came to Dubai for my father’s treatment, which led to our continued stay. But let me be clear, I did not run away ,” Ravindran (44) told reporters at a virtual press conference. He moved to Dubai in 2023.
Notably, this is his first interaction with the media in four years since the company’s business has been in trouble due to accusations of fraud and financial irregularities.
“Will be back”
“It is very unfortunate that people think I ran to Dubai because I had to… I came to Dubai for my father’s treatment, which led to our continued stay. But let me be clear: I did not run away ,” he said.
According to a PTI report, Ravindran said in a two-and-a-half-hour call with the media that lenders would not be able to access any funds if the company’s insolvency proceedings continue.
“If they would work with me, I would give them back the money before taking out a single rupee. We paid $140 million, but they wanted the full $1.2 billion, which we had committed or invested at that time. For a long time It was impossible for us to pay them back. Most of the lenders wanted to settle, but there were one or two who wanted to make a fortune from it,” Ravindran claimed.
“Investors cannot absolve themselves of the blame”
He also blamed investors, accusing them of abandoning the company when things went wrong. He also dismissed their request for a change of management, saying they had “no plan” to do so, the HT report added.
“Most of the acquisitions were brought in by investors and we got carried away. Investors wanted us to co-launch products in 40 countries. When we raised $1.2 billion in loans,” Ravindran said, according to PTI , investors are celebrating. “
“They (investors) supported me as the company expanded, but ran away at the first sign of trouble. Investors demanded a change in management without a plan. Only one person to have put money into the company since the market turned in December 2021 The people are us, according to the HT report.
“There is hope for a comeback”
Ravindran said he hopes to make a comeback after the bankruptcy is resolved. “Our subsidiaries have not been hit in any way. On a consolidated level we will have more than $Revenue of Rs 5,000 Crore. We are struggling in our core business and have reached zero. Despite this, 200 million kids still come to our platform every month. We must transform and revive,” he said.
Ravindran said that regardless of the outcome of the lawsuit, he will continue to teach and no one can stop him from teaching students. “When investors see value, they will come back,” he added.
