Byju Raveendran, founder and CEO of edtech firm Byju’s, addressed rumors that he fled to Dubai amid the company’s financial crisis. Speaking publicly for the first time in four years, he clarified that his prolonged stay in Dubai was for personal reasons and not to evade creditors.
Explains Reason for Staying in Dubai
In a virtual press conference, Raveendran explained his decision to stay in Dubai, where he has been since 2023. “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 said, debunking claims that he fled due to Byju’s troubles.
Plans to Return to India Soon
Raveendran emphasized his intent to return to India and face the company’s challenges head-on, though he didn’t specify an exact date. “I will come to India and I will fill stadiums… The timing has not been decided, but it will be soon,” he promised. He also expressed confidence in finding solutions to the current crisis, adding, “I only need to see a one percent chance to make it work. Whatever comes, I will find a way out.”
Byju’s Valuation Drops, Investors Blamed
Once valued at $22 billion, Byju’s has seen its valuation collapse, with Raveendran claiming it has dropped to zero. He blamed the investors for abandoning the company during difficult times, despite having supported its expansion earlier.
Financial Troubles Begin to Surface
Byju’s has been plagued by financial woes, including rising debt, missed deadlines for filing audited financial reports, and regulatory scrutiny. The company’s failure to submit financial statements for FY21 alarmed investors and raised questions about its financial transparency.
Criticism of Investor Actions
Raveendran criticized investors for suggesting changes in management without a concrete plan, adding that since the market downturn in December 2021, only internal resources have been used to fund the company. “Since the markets turned in December 2021, the only people who have been putting money in the company is us,” he said, further pointing out that major investors, such as Prosus, haven’t contributed financially for the past four to five years.
Despite these challenges, Raveendran expressed optimism about the future of Byju’s, stating that he remains committed to finding a way forward.