Byju’s co-founder, Byju Raveendran, has reaffirmed his commitment to restoring the once-dominant edtech giant, despite the company’s ongoing financial and legal struggles. On Sunday, Raveendran shared a throwback photograph from his early years on social media platform X, accompanied by a determined caption: “Broke, not broken. We will rise again.” His post quickly gained traction, amassing over 600,000 views and 8,000 likes.
Byju’s, which was once valued at $22 billion, has seen a dramatic decline in recent years, with its current valuation dropping to approximately $8.4 billion. The company is also grappling with severe financial woes, including difficulties in repaying a $1.2 billion loan. These challenges have led to insolvency proceedings in the Supreme Court of India.
Adding to its troubles, a U.S. Bankruptcy Court recently ruled against Byju Raveendran, his brother Riju Ravindran, Camshaft Capital Fund, and Byju’s parent company, Think & Learn Pvt Ltd. The court found them guilty of fraudulent financial transactions, particularly the unauthorized transfer of $533 million in loan proceeds through various entities, raising concerns over mismanagement.
Since late 2023, Raveendran has largely remained outside India, distancing himself as the company faced mounting investor disputes, escalating debt, and financial instability. However, in a recent LinkedIn post, he addressed the challenges and expressed regret for not speaking publicly sooner. Acknowledging the hardships faced by his family and stakeholders, Raveendran clarified that while his family had profited from selling shares, all proceeds were reinvested into the company. He also revealed that he sold his home and invested everything in an effort to save Byju’s, demonstrating his unwavering commitment to the company’s survival.
As Byju’s navigates this turbulent period, the future of the once-thriving edtech firm remains uncertain. However, Raveendran’s latest statement signals his determination to rebuild and revive the company despite the setbacks.
