Byju Raveendran accuses IRP, EY India, Glas Trust of criminal collusion

Raveendran alleges he and employees received proof of criminal collusion involving EY India, GLAS Trust, and the IRP, urging authorities to investigate the evidence

Byju Raveendran, the founder of embattled edtech startup Byju’s, on Friday demanded a thorough probe by authorities into what he alleged was a “criminal collusion” by EY India, GLAS Trust, and the IRP (Interim Resolution Professional) to destroy his company.

 

“Me and several employees received a document with conclusive evidence of criminal collusion between EY India, which I otherwise held in high regard, GLAS Trust, which claims to represents the lenders it does not represent, and the IRP who was appointed by an Indian court to protect Byju’s but ended up destroying it. I am sure a thorough investigation of this evidence will reveal the truth. I request the authorities to take that up immediately,” Raveendran wrote in a LinkedIn post.  "We believe the allegations being circulated are not credible and are without basis. The Insolvency & Bankruptcy Code is a regulated process which provides for grievances to be raised with the concerned authorities," said an EY spokesperson on Friday night.

 

 

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

 

The worth of once most valued Indian startup is zero now, Raveendran, told reporters recently as he called for rebuilding the erstwhile empire from the scratch, brick by brick.

 

“I should have been here sooner. But I was too busy building my company. Then I was too busy saving everything I built,” said Raveendran about putting up the post on LinkedIn. “You have been told my family made a fortune by selling our shares. But that’s just half the story. You haven’t been told that all that ‘fortune’ has been put back in our company. You probably know me as the man who built Byju’s. But I am also the man who sold his house and mortgaged his family’s future. Everything that I ever owned has now been sold to keep our mission alive.”

 

Raveendran said he is often asked why he puts everything at stake in this battle for survival. He said some well-wishers tell him he was incredibly naïve to start with nothing, gain everything, and then end up with nothing. But he said those who come from nothing are never afraid of anything.

 

“Today, I live with the guilt of putting my family through unimaginable misery. I live with the regret of not being able to fulfil the promises I once made to all my stakeholders. Trust me, we did everything in our capacity to stop the insolvency,” said Raveendran.

 

For him, he said every setback is simply a setup for a greater comeback. Those who know him understand that he never complains about his circumstances. He said there are some circumstances he can control, some he must live with, and a few that are simply unfair.

 

“The teacher in me is still alive and kicking. You can take a teacher out of a classroom but you can never take the classroom out of that teacher. I can’t wait to get back to teaching. We have been able to create some path-breaking AI-driven learning products which will redefine learning,” said Raveendran.