Latest news with #Byju's3.0
Time of India
18-05-2025
- Business
- Time of India
‘Byju's 3.0' in the pipeline, says founder of troubled company
Byju Raveendran (File photo) BENGALURU: Byju's founder, Byju Raveendran , outlined plans for what he described as a major reboot of the embattled edtech company , centred around AI-powered personalised learning and a renewed focus on mission-driven education . In a wide-ranging interview on ANI's podcast with Smita Prakash, Raveendran addressed controversies around his leadership and financial mismanagement allegations , and said the company's next phase, 'Byju's 3.0,' is already in development. 'This is my life's work. We are building again, this time with even more clarity,' he said, adding that core members of the original team were continuing product development 'in the background,' despite ongoing insolvency proceedings in India and legal challenges abroad. The founder, who was ousted as CEO by shareholders in 2024, claimed that the company is now preparing to leverage generative AI to create 'one personal tutor for every student,' calling it a breakthrough that could help scale mentorship without replacing teachers. 'We were doing this even before generative AI became mainstream,' he said, referring to the Learn Station device developed by Byju's in 2021. Raveendran denied allegations of fund misuse and maintained that the $1.2 billion raised through a US term loan in 2021 was fully deployed for business growth. He blamed what he called 'vulture lenders' for orchestrating a campaign to take over the company, alleging that false narratives were used to manipulate court proceedings. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Economic Times
18-05-2025
- Business
- Economic Times
Byju's CEO Raveendran defends startup strain, says "toxic work culture can cause PTSD, but it can also lead to post-traumatic growth"
ANI "I'll never sell anything which I won't give to my son": BYJU'S founder Raveendran Toxic work culture can cause PTSD, but for those who are mission-driven, it can also lead to 'post-traumatic growth,' said Byju Raveendran, founder and CEO of edtech firm BYJU'S. In his first extended public remarks since the company entered crisis, Raveendran defended his role, rejected accusations of wrongdoing, and introduced 'Byju's 3.0'—a vision that returns focus to teachers and to ANI, Raveendran explained why he refused to walk away when the company was on the brink. 'A good teacher will never leave students halfway,' he said. 'The teacher in me stood up, and we didn't shut down the businesses. We had to complete the course.' Despite a storm of legal and financial troubles, he said the team kept operations alive because of a shared commitment to education. Once valued at $22 billion, Byju's is now mired in lawsuits and cash flow challenges. The most serious charge is a $533 million fund transfer linked to its US financing arm, Byju's Alpha. Raveendran, along with his wife Divya Gokulnath and former executive Anita Kishore, is accused of diverting the loan amount. Raveendran dismissed the allegations, saying, '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 alleged that Glas Trust, the lender's trustee, is part of a wider campaign to discredit him and the company. 'These are narratives that they have created in trying to take control of the company,' he said. 'Unfortunately, in a company that is built on the founder's name... if you tarnish the founder's name, it'll have a huge impact on the company's valuation.' Clarifying the nature of the Enforcement Directorate's (ED) inquiry, Raveendran stressed that there is no case against him personally. 'It was on the Think & Learn transactions... there was never a PMLA. There was never a chargesheet. There were summons, I went and met, we cooperated. Investigation is closed,' he told ANI. He also addressed reports about a lookout circular, saying, 'If ED puts out a lookout notice, they will never make that public because that defeats the purpose... it was never personal.'Raveendran claimed that a handful of US-based hedge funds and lenders exploited the situation. '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 referred to them as 'vulture lenders' and accused them of derailing his long-term goal of creating a million teaching jobs in India. 'It's not a conspiracy by many. It's literally two hedge funds—some Americans and a few Indians based in the US,' he faced a major liquidity crunch after failing to secure $700 million in committed funding. Raveendran attributed the shortfall to global economic shocks but acknowledged some internal errors on a key decision, he said, 'That was the only mistake. We shouldn't have taken that term loan when we had enough equity options.' The company had already raised $5 billion before taking the $1 billion loan in 2021. 'It wasn't out of desperation. It was a collective decision—but in hindsight, we shouldn't have taken that loan,' he rejected the idea that he had benefited personally from the company's rise. 'I never saw the money come. I never saw it go. We invested everything we had in one mission—Byju's,' he said. 'We have no other investments. My entire investment is in Byju's.'His wife, Divya Gokulnath, echoed this sentiment. '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.'Byju's expanded rapidly during the pandemic, riding a wave of investor enthusiasm. But that pace may have come at a cost. '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,' Raveendran said. He added that investor pressure was a key factor. 'We have 160 world-class investors. All of them—this was the mandate: grow, grow, grow and change the way kids learn.'Now, he hopes to rebuild from a more grounded place. '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?' he asked. '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.'Looking ahead, Raveendran said Byju's 3.0 will focus on simplifying and enriching learning with the help of technology. '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 founder closed with a reminder of where the company began: in a classroom. 'We don't belong in courtrooms, we belong in classrooms. That's where we belong,' he said. 'And these classrooms, being based out of India, are our biggest advantage.'
Time of India
18-05-2025
- Business
- Time of India
Byju's CEO Raveendran defends startup strain, says "toxic work culture can cause PTSD, but it can also lead to post-traumatic growth"
In his first extensive public comments since Byju's downfall, founder Byju Raveendran outlined a comeback strategy he calls 'Byju's 3.0', stressing his resolve to rebuild the edtech giant. In a wide-ranging interview with ANI, he reflected on toxic work culture, investor pressure, and allegations of financial misconduct. Raveendran rejected claims of fraud, defended his team's mission-driven ethos, and vowed to return to the company's core values: empowering teachers and students. 'We don't belong in courtrooms, we belong in classrooms,' he said. Disclaimer Statement: This content is authored by a 3rd party. The views expressed here are that of the respective authors/ entities and do not represent the views of Economic Times (ET). ET does not guarantee, vouch for or endorse any of its contents nor is responsible for them in any manner whatsoever. Please take all steps necessary to ascertain that any information and content provided is correct, updated, and verified. ET hereby disclaims any and all warranties, express or implied, relating to the report and any content therein. More
NDTV
18-05-2025
- Business
- NDTV
"Teaching Most Satisfying Job, Unfinished Dream For Us": BYJU's Founder
Byju Raveendran, founder and Chief Executive Officer (CEO) of embattled ed-tech company BYJU'S, has spoken about his love for teaching, calling it the biggest satisfaction and an "unfinished" dream for him and his wife, Divya Gokulnath, who is the co-founder of the company. In an interview with ANI, Raveendran referred to pressure to shut down BYJU'S when the company suffered losses and highlighted how a good teacher will never leave his students halfway through. "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 with that. The teacher in me stood up and we didn't shut down the businesses. We had to complete the course," he said. Raveendran further shared his and his wife's love for teaching. "I see that even today. My 78-year-old father, when any student asks him something then I can see his eyes light 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." He further noted that education is one segment in which students are "hungry" to learn, and the parents are willing to sacrifice "everything" to ensure their kid's education "This is one segment which we should own because students are hungry to learn. Parents want their kids to learn. They'll go to any length, sacrifice everything else to make sure that their kids learn," he said. Speaking about the recent decline of BYJU'S due to financial problems, regulatory issues, and legal battles, Raveendran said that the last two years has strengthened him. "Businesses can fail. Business mistakes can be made. But entrepreneurs, true entrepreneurs, they never fail," Raveendran said. Byju Raveendran also revealed what will be next for his company, Byju's 3.0--with a message rooted in purpose over profit. Raveendran said his focus remains resolutely on students, teachers, and the transformative power of learning. "About Byju's 3.0. I am so excited to talk to you about it because we both 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." He dispelled notions of personal gain. "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." Despite setbacks, Raveendran said he believes the responsibility to rebuild lies with him. "The reason why we are not giving up on BYJU'S is because we owe it to the students, teachers, and employees who trusted us. That's why we're not giving up. BYJU's 3.0 will stay true to our original mission," he said.
