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Byju Raveendran, co-founder of edtech giant Byju’s
Byju Raveendran, co-founder of edtech giant Byju’s, on Tuesday told employees the company will overcome its “struggles” and it is nearing profitability, sources said.
Raveendran spoke to employees over video in a townhall, addressing them for the first time about problems like a loan dispute and the resignation of auditor Deloitte and three board members.
“The TLB dispute is being resolved through constructive discussions, and I am confident about achieving a positive outcome in the next few weeks without court intervention,” he said, referring to the Term Loan B dispute.
“Last few months have been struggling. But we will be out soon. Edtech is not a pandemic phenomenon but a permanent fixture in education,” a source quoted Raveendran as saying. Raveendran also gave projections for the global and Indian edtech markets.
The company is now much better in terms of performance compared to a few months back. “He said the company is close to achieving profitability at group level,” said an employee.
Raveendran told employees the resignation of board members was mutually agreed upon and was taken to focus on efficient and timely audits.
“Raveendran assured the team that the departures of three board members are unrelated to Deloitte’s resignation. He assured that their exit was amicable and carried out with mutual understanding. Byju’s investors, including those represented by the departing Board members, continue to support its growth trajectory,” said the employee.
Byju’s troubles have mounted with its statutory auditor, Deloitte, and three board members resigning last week. The company is already battling lenders in the US courts.
Prosus, Byju’s largest stakeholder, on Tuesday slashed the value of the edtech company to $5.1 billion.
First Published: Jun 29 2023 | 3:41 PM IST
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