Byju Raveendran, the CEO and founder of troubled edtech start-up Byju's, has dismissed speculation that he “ran away” to Dubai, stating that he intends to return, pay back lenders and revive the brand, Hindustan Times reported.
“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,” Raveendran (44) told reporters via virtual press conference. He moved to Dubai in 2023.
Notably, this was his first interaction with the media in four years since the company's business hit choppy waters amid allegations of fraud and financial irregularities.
“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.
During a two-and-a-half-hour call with journalists, Raveendran said that lenders would not get any money if the process of insolvency against the company continued, as per a PTI report.
“If they are willing to work with me, I am willing to give them money back before I take a single rupee out. We paid $140 million, but they wanted the entire $1.2 billion, which we have already committed or invested by then. There is no way we could have given them back for a long time. Most lenders wanted to settle, but one or two wanted to make a killing out of it,” Raveendran alleged.
He also blamed investors, accusing them of abandoning the company at the first sign of trouble. He also dismissed their demands for a change in management, saying that they did so “without a plan”, the HT report added.
“Most of the acquisitions were brought in by the investors, and we got carried away. Investors wanted us to launch in 40 countries together. Investors celebrated when we raised a $1.2 billion loan,” Raveendran said, as per PTI.
“They (investors) supported me while the company was expanding but ran away at the first sign of trouble. Investors were asking for that (a change in management) without a plan. Since the markets turned in December 2021, the only people who have been putting money in the company are us,” he said, claiming that Prosus is among those investors who did “not put any money in the company in the last four to five years”, as per the HT report.
The founder of the embattled edtech firm said he is hopeful of making a big comeback after the insolvency issue is resolved.
“Our subsidiary has not taken any hits. At a consolidated level, we will have more than ₹5,000 crore in revenue. We are struggling in the core business, which has become zero. Still, 200 million kids come to our platform every month. We have to revamp and revive,” he said.
Raveendran said that whatever may be the result of litigation, he will continue to teach, and nobody can stop him from teaching students.
“Investors will come back when they see value,” he added.
(With inputs from PTI)
