'Fake Narrative' Unfolds: Byju Raveendran Vows To Revive Troubled Edtech Empire
In a recent media podcast, Byju Raveendran, co-founder of embattled edtech giant Byju's, has vehemently denied allegations of being a "fugitive" and accused several lenders and institutions of conspiring to seize control of his company.
Raveendran, who lives in Dubai with his wife Divya Gokulnath, claimed that these allegations were part of a "fake narrative" and a "malicious media campaign" designed to destabilize the company. He also accused Ernst & Young (EY), a global financial services firm; Khaitan & Co, a law firm; and US-based lenders GLAS Trust of colluding to orchestrate Byju's collapse.
The co-founder cited the numerous legal challenges Byju's has faced over the past two years as evidence that these allegations were part of an orchestrated effort. He accused the financial services firms of seeking to take control of the company, stating, "The greed of a few vulture lenders in the US who have colluded with some large institutions...has derailed our vision of creating a million teaching jobs."
Raveendran's wife Divya Gokulnath was also optimistic about transforming Byju's dramatic downfall into an opportunity for revival. She emphasized that their focus remains on their original mission to provide education, stating, "Teaching is the most satisfying job...and that's what is an unfinished dream for us."
The couple acknowledged the financial struggles of the company but expressed confidence in their ability to make a comeback. Raveendran stated, "We are broke, but not broken. We have nothing to lose. We will continue to strive for Byju's 3.0, which will integrate AI into self-learning ways that haven't been imagined before." The couple aims to revitalize the company and capitalize on emerging trends in AI-driven education.
Byju's has faced significant challenges due to its debt obligations, particularly with lenders who claim a technical default as grounds for taking control of the company. However, Divya Gokulnath disputed this, stating that their actions were subject to RBI regulations only after the change was implemented.
As news of Byju's struggles spreads, fans and supporters alike are eager to see the edtech giant make a revival, led by its co-founder couple firmly rooted in their original mission and values.