Byju Raveendran, the founder of troubled edtech firm, Byju’s, has spoken out for the first time in months, addressing the company’s financial crisis and legal battles in a LinkedIn post. He directly accused Glas Trust, the trustee for Byju’s US lenders, and the interim resolution professional (IRP) overseeing the company, of actively harming rather than protecting it.
“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 represent 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,” he wrote. He urged authorities to investigate the matter, confident that a thorough probe would reveal the truth.
In his post, Raveendran also addressed speculation about his personal finances, pushing back against claims that he and his family had amassed wealth from selling company shares. “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,” he stated, revealing that he even sold his house and risked his family’s financial security to keep the company afloat.
Reflecting on Byju’s struggles, Raveendran admitted to feelings of guilt and regret. “It’s not been easy. Today, I live with the guilt of putting my family through unimaginable misery. I live with the regret of not being able to fulfill the promises I once made to all my stakeholders,” he wrote. Despite this, he remains determined to rebuild, emphasising that “every setback is just a setup for a greater comeback”.
He also hinted at Byju’s future plans, revealing that the company has been working on AI-driven learning products that will “redefine learning”. He pledged to engage directly with stakeholders moving forward, stating, “From now on, you will hear it directly from me. Because direct action is how we built Byju’s”.
Addressing past and present employees, Raveendran struck a note of resilience and hope. “To all Byjuites, past and present, I have just one message: stay strong, stay proud. Forgive me for my mistakes. We will be back stronger than ever before,” he concluded, inviting those who believe in the company’s mission to be part of its revival.
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