Byju Raveendran, founder of edtech giant Byju’s, is facing financial troubles. However, he remains determined to rebuild his $22 billion empire from scratch. On Sunday, he took to X and vowed to bounce back.
Byju Raveendran: Rise and Fall of Byju’s
Byju’s provides online tutorials in math, physics, and chemistry for school students. During the COVID-19 pandemic, its business thrived. Schools were shut, and students turned to online learning. The company’s valuation soared from $5 billion before the pandemic to $22 billion in 2022. Along the way, it acquired several companies.
However, trouble started when physical classes resumed. Revenue declined, but the company had already expanded aggressively. In 2023, Byju’s defaulted on $19 million in sponsorship dues to the BCCI. The cricket board initiated insolvency proceedings, but a settlement was reached. The company agreed to pay the full amount.
Byju Raveendran: Legal Battles and Allegations
The case with BCCI triggered more troubles. US lenders, represented by Glas Trust, approached the Supreme Court. They claimed Byju’s misused funds meant for lenders to settle BCCI dues. The company denied mismanagement. However, the Supreme Court stayed the tribunal’s order and restarted insolvency proceedings.
Byju Raveendran: New Stand
Raveendran remains optimistic. He posted on X, “Broke, not broken. We will rise again.” He also reflected on the company’s journey, saying, “The truth usually lies somewhere in between. So I’m here to talk about the last 20 years: the good 17, the bad 2, and the ugly 1. No filters. Only facts.”
Allegations of Collusion
On LinkedIn, Raveendran addressed the crisis. He accused Glas Trust, consultancy firm EY, and former resolution professional Pankaj Srivastava of collusion and fraud. He demanded a thorough investigation.
Impact on Young Professionals
Byju’s played a major role in shaping careers. The company hired 2,15,000 fresh graduates over nine years. Each received a minimum salary of Rs 6 lakh, regardless of experience or academic background.
“Byju’s was built by these 2 lakh freshers with zero experience, exceptional talent, and infinite energy,” Raveendran stated. “They went on to become productive members of our economy. Some became entrepreneurs and created jobs. All they needed was that first elusive opportunity.”
Addressing Dubai Controversy
In October 2024, Raveendran addressed rumors about his move to Dubai. He clarified, “It’s unfortunate that people think I ran away. I came to Dubai for a year for my father’s treatment. That led to our ongoing stay. But let me be clear, I did not run away.”
Looking Ahead
Despite financial struggles, Raveendran remains hopeful. He blames investors for the company’s troubles but is determined to rebuild Byju’s. His journey continues, and he promises to fight back. Get the latest market insights, latest news, and technology updates — visit News Trendzs today!
