'Came for father's treatment': Byju Raveendran dismisses Dubai relocation rumors
Byju Raveendran, the founder of ed-tech start-up BYJU'S, has denied rumors of his move to Dubai. He explained that he moved there due to family health issues, not to escape legal or financial troubles. "It's unfortunate that people think I ran to Dubai because of BYJU'S issues. I came here for my father's treatment, and that's why I stayed," he said in his first virtual press conference in last four years, Moneycontrol reported.
Raveendran pledges to rebuild BYJU'S amid financial woes
Raveendran reiterated his promise to rebuild BYJU'S, a company marred by financial and governance issues. After expansion through major acquisitions, BYJU'S has faced difficulties managing its growing debt, resulting in layoffs, investor concerns, and increased regulatory scrutiny. Raveendran said, "I'll return to India soon, and I'll fill stadiums. My commitment to transforming education hasn't wavered." Although it remains unclear when he would return, Raveendran hinted at a major public event that could be a turning point for the brand.
Optimism despite BYJU'S financial challenges
Despite BYJU'S financial woes, including a delayed audit report, loan repayments, and legal issues, Raveendran remains optimistic. He said, "I only need to see a one percent chance to make it work. I'm not worried about what challenges come my way—I'll find a way out." He also reiterated his undeterred focus on BYJU'S core mission of making quality education accessible worldwide.
BYJU'S restructuring efforts and future plans
Raveendran revealed that BYJU'S is already undertaking restructuring efforts. These include refocusing on core markets, streamlining operations, and exploring potential partnerships to secure the company's future. He also mentioned plans to diversify revenue streams by potentially expanding into new educational sectors or regions. His proposed return to India could play a crucial role in reshaping the company's future.
Raveendran addresses insolvency proceedings and investor confidence
Addressing the insolvency proceedings against BYJU'S in June 2024 after a default on a ₹158.9 crore payment for a sponsorship deal, Raveendran said, "We are in a position where the business needs to be restructured. The burden of debt is too heavy, and we must take decisive action to regain trust." He was also surprised to lose investor confidence due to operational missteps and stressed rebuilding trust going forward.
