Byju Raveendran, the founder of troubled edtech major Byju’s, took up his first virtual press conference in the last four years to clear misconceptions regarding his move to Dubai according to a Moneycontrol report.
“It’s very unfortunate that people think that I ran to Dubai because I had to,” the report quoted him as saying. “I came to Dubai for a year for my father’s treatment, which led to our ongoing stay. But let me be clear, I did not run away.”
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He also expressed intent to revive the company. “I’ll come to India and I’ll fill stadiums,” the report quoted Raveendran as saying. “The timing has not been decided, but it will be soon.”
Raveendran added that he only needed “to see a one percent chance to make it work” and that he’s not worried about what order will come and that whatever comes, he would “find a way out,” according to the report.
He also said that he would “make a comeback,” however adding that “It’s not going back to a $20 billion company.” This is despite him saying that the brand still attracts a significant number of users. “We have more users than any other platform, and that’s a huge responsibility. So there is no way we are running away.”
What happened at Byju’s?
Byju’s, once valued at $22 billion and being a favorite among global investors now is stuck in legal disputes regarding more than $1 billion in unpaid debts in both India and the US.
The insolvency proceedings against the company began in June 2024 after the BCCI alleged the company defaulted on a ₹158.9 crore payment. At the same time, US-based Glas Trust objected, stating that the money had been misappropriated from them.
The verdict of the Supreme Court on whether the firm will undergo restructuring or liquidation is still awaited.
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