Byju’s Crisis: Byju Raveendran speaks to employees, says company will overcome ‘struggles’
Byju Raveendran, co-founder of education technology giant Byju’s
Sources, Biju Ravindran, the co-founder of edtech giant Byju’s, on Tuesday told employees that the company will overcome its “struggles” and is getting closer to profitability.
Ravindran spoke to employees via video at town hall, addressing them for the first time about issues such as a loan dispute and the resignation of Deloitte’s auditor and three board members.
“The TLB dispute is being resolved through constructive discussions, and I am confident that a positive outcome will be achieved in the next few weeks without the court’s involvement,” he said, referring to the B term loan dispute.
“The past few months have been struggling. But we will be out soon.” The source quoted Raveendran as saying that tech education is not an epidemic phenomenon but rather a permanent component of education. Raveendran also gave forecasts for the global and Indian education technology markets.
The company is now doing much better than it was a few months ago. “He said the company is on the brink of profitability at the group level,” said one employee.
Ravindran told the staff that the board members’ resignations were mutually agreed upon and taken to focus on effective and timely audits.
Ravindran assured the team that the departure of three board members was not related to Deloitte’s resignation. He emphasized that their exit was amicable and was done by mutual understanding. Byju investors, including those represented by the departing board members, continue to support its growth trajectory,” the employee said.
Byju’s troubles escalated with the resignation of its statutory auditor, Deloitte, and three board members last week. The company is already fighting the lenders in US courts.
Prosus, Byju’s largest shareholder, on Tuesday cut the value of the education technology company to $5.1 billion.
First published: June 29, 2023 | 3:41 p.m ist