The Edtech Giant’s CEO Byju Raveendran, in an interview with ANI, accused some US-based lenders of trying to ruin the company’s reputation. He mentioned how they negatively impacted all stakeholders, including investors and employees, by branding him and his brother as fugitives. Raveendran clarified that the ED’s investigation focused on corporate matters, not personal issues, and dismissed allegations of being a fugitive as part of a coordinated media and legal campaign to seize control of the company.
Byju Raveendran went on to explain that these lenders were attempting to tarnish his name to devalue the company, emphasizing the importance of the founder’s reputation in the company’s valuation. The once-thriving edtech giant, valued at $22 billion, has faced financial challenges, regulatory scrutiny, and legal battles, leading to a decline in its fortunes.
Raveendran dismissed claims of being labeled a fugitive as part of a malicious media campaign and clarified that these allegations were not formally documented. He highlighted that all the company’s wealth was established in India, profits generated and reinvested in the country, with taxes paid accordingly. The ED investigation was related to corporate matters and not a personal issue, with Raveendran cooperating with the authorities.
Reflecting on the allegations, Raveendran pointed fingers at US-based hedge funds that he described as “vulture lenders” responsible for disrupting his vision of creating teaching jobs in India. He mentioned the company’s financial downturn, stating that they had lost much of their financial standing over the years. Despite the challenges, Raveendran acknowledged the support received from various backers to raise new capital.
Raveendran blamed a few American entities for orchestrating the company’s downfall for personal gain, accusing them of manipulating the situation. He admitted a financial misstep in taking a $1 billion term loan in 2021, despite having other options available, leading to further complications for the company. Raveendran highlighted the employment model at BYJU’S and its social impact on India’s young workforce, creating numerous jobs for teachers and fresh graduates.
The CEO emphasized that the company’s initiatives went beyond business, describing it as a movement that was derailed by the greed of a few individuals. Despite the challenges faced, Raveendran remained optimistic about the company’s future and continued to advocate for its mission.