'Will rise again': Byju Raveendran promises comeback and company relaunch

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Byju Raveendran, the founder of beleaguered education technology startup Byju’s, on Sunday promised a turnaround for rebuilding the erstwhile empire from scratch, brick by brick.

 

“Broke, not broken. We will rise again,” Raveendran posted on social media platform X, alongside a photo of himself as a young man, reflecting his humble roots.

 

Valued at $22 billion in 2022, Byju’s has seen its fortunes dwindle due to a massive cash crunch, regulatory issues, and disputes with investors, including a battle with US lenders who are demanding $1 billion in unpaid dues, triggering the firm’s insolvency.

 

“Once we relaunch our company – which I believe will happen sooner than expected – we will rehire exclusively from our incredible pool of former BYJUites. My hyper-optimism may seem crazy to some. But let’s not forget that you have to be odd to be number one,” said Raveendran earlier on X.

 

Raveendran joined X on Friday to reveal the "truth" about the company and the events of the past two years.

 

“Nothing is ever as good as it seems, nor as bad as they make you believe. The truth usually lies somewhere in between. So I’m here to talk about the last 20 years: the good 17, the bad 2 & the ugly 1. No filters. Only facts,” said Raveendran.

 

Raveendran said that over nine years, Byju’s hired 215,000 fresh graduates, each with a minimum fixed salary of Rs 6 lakh, without bias towards experience or academic background. He added that providing these talented youth with their first career opportunity had been one of his life's greatest honours.

 

“Byju’s was built by these 2 lakh freshers with zero experience, exceptional talent, and infinite energy. They went on to become productive members of our great economy. Some became entrepreneurs and created jobs. All they needed was that first elusive opportunity,” said Raveendran.