I Didn’t Escape to Dubai, Says Byju Raveendran. Click for details
Byju Raveendran, the founder and CEO of the beleaguered edtech firm Byju’s, is making headlines once again. He asserts that he has not escaped to Dubai and plans to return to India soon.
The controversies surrounding Byju’s, a company facing significant challenges, are well-known. The CEO and founder had been unavailable for any updates during this tumultuous period.
Currently, the edtech company is grappling with a host of legal and financial issues, leading to speculation that Raveendran left India to avoid creditors, regulatory scrutiny, and unhappy customers.
In his first media appearance in four years, conducted via a virtual conference from his residence in Dubai, Byju Raveendran addressed the rumors regarding his alleged relocation to Dubai, which coincided with the onset of difficulties for Byju’s.
“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. I will come to India and I will fill stadiums. The timing has not been decided, but it will be soon. I only need to see a one percent chance to make it work. I am not worried about what order will come. Whatever comes, I will find a way out,” says Byju.
Further, Byju Raveendran criticized investors, stating that they backed him during the company’s growth phase but abandoned ship at the first indication of difficulties.
“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.
“They (investors) supported me while the company was expanding but ran away at the first sign of trouble. Investors were asking for 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 continued.
In a two-and-a-half-hour conference call with reporters, Raveendran stated that lenders would receive no funds if the insolvency proceedings against the company persisted, according to a PTI report.
He upheld a self-assured demeanor during the press conference and asserted that he would continue teaching, regardless of the legal proceedings against him.