NEW DELHI: In his first extensive pubsince Byju’s came under intense scrutiny, founder and CEO Byju Raveendran has laid out a renewed vision for the embattled ed-tech company- “Byju’s 3.0”– with a sharp focus on returning to its roots: empowering teachers, prioritizing students as he explained on why he won’t walk away from the business.“A good teacher will never leave students halfway,” he said in an interview with ANI., explaining why he resisted pressure to shut down operations when the company was facing its lowest point. “The teacher in me stood up, and we didn’t shut down the businesses. We had to complete the course.”Further referencing the legal troubles, Raveendran said, “We don’t belong in courtrooms, we belong in classrooms. That’s where we belong.” “And these classrooms, being based out of India, are our biggest advantage. It’s a country where there is so much respect for teachers, so much respect for learning.” Once valued at $22 billion, Byju’s has seenlegal troubles, funding issues, and investor disputes. A major flashpoint is the lawsuit involving Byju’s Alpha, its US-based financing arm, which has accused Raveendran, his wife and co-founder Divya Gokulnath, and former executive Anita Kishore of diverting $533 million in loan funds. Raveendran denied the charges, calling them a conspiracy by Glas Trust, the lender’s trustee. “They are clearly telling there is no fraud, but they are trying to make it look like there is… The goal is to create a narrative that suits their interests.” He also claimed Glas is under investigation in India for bribery and FCPA violations.Read more:Byju’s founders sued in US over $533 million transfer Byju’s had also failed to secure $700 million in committed funding- something Raveendran attributes to global economic shocks. “There was no litigation. We didn’t go and litigate those investors who backed out. And from then onwards, it’s almost now three years, we have been struggling for liquidity,” he said. Raveendran acknowledged mistakes during the company’s aggressive expansion, especially during the pandemic. “When we tried expanding from India to the whole world, we made some business mistakes. Maybe we could have taken it a little bit slowly,” he said, attributing the push to investor pressure. “We have 160 world-class investors. All of them–this was the mandate: grow, grow, grow and change the way kids learn.” Alleging that some US-based lenders and hedge funds sought to exploit the situation, Raveendran added, “I’m not blaming all our investors. But there are a few rotten apples… a couple of US-based lenders. They’ve made more money than anyone could have imagined from Byju’s.”He also reflected on investor pressure to shut down operations amid mounting losses but said he refused to walk away. “Suddenly when all investors who were asking us grow, grow, grow, overnight they told that markets are changing, now cut and shut down businesses. I didn’t agree for that. The teacher in me stood up and we didn’t shut down the businesses. We had to complete the course,” he said. Raveendran also claimedthat teaching has always been a core passion for him and his wife. “I see that even today. My 78-year-old father, when any student asks him something then I can see his eyes lighting up. And that’s true for me and for Divya. Teaching is one of the most satisfying jobs and that’s where it’s an unfinished dream for us.” Speaking about financial decisions that impacted the company, Raveendran admitted, “That was the only mistake. We shouldn’t have taken that term loan when we had enough equity options,” he said referring to $1 billion loan in 2021.“We’re not giving up. Byju’s 3.0 will stay true to our original mission,” he said and emphasised a more sustainable approach saying. “I’m stubborn when it comes to the mission. It’s going to be the same. How do we make it easy and interesting for students? How can we use AI not to replace teachers but to enable teachers to become better teachers,” he remarked. Reflecting on the company’s journey, he said, “We built this company from the ground up, from 0 to 20 billion, from a handful of students to hundreds of millions. That is something nobody can take away from us.”“Why shouldn’t I fight to protect what I’ve built over the last 20 years, what we’ve built together with 85,000 employees? When we make a comeback, it will be on the same mission- but we will be more flexible in how we operate. We’ve learned a lot of lessons along the way,” he added. He also clarified the intent behind his commitment. “I never saw the money come. I never saw it go. We invested everything we had in one mission- Byju’s. We’ve invested only in one place in only one mission. We have no other investments. My entire investment is in Byju’s”. His wife Gokulnath, too, addressed speculation around the family’s lifestyle and wealth. “If I have a circle of 10 people, Byju has a circle of 5. We don’t go out, we don’t party, we don’t network. For us, it’s always been about the company and our family,” she said. “We don’t own any luxury cars. We don’t own any luxury homes… It’s always been about what we can do for our country.”
