Byju Raveendran, founder and CEO of Byju’s, a giant ed-tech company that is struggling with problems, answered the questions related to the company and it after four years. He said that he has not left India and fled to Dubai. Will return to the country soon. He said that he is ready to repay every single rupee of the investors. Let us tell you that there was a lot of discussion that Byju Raveendran has started living in Dubai to avoid the anger of investors, regulator and customers.
Raveendran told reporters through a virtual press conference, “If they are ready to work with me, I am ready to return their money before withdrawing even a single rupee. We have paid $140 million. But they want the full $1.2 billion. Which has been invested by him only. Except one or two lenders, everyone else is ready for settlement.”
Why has Ravindran gone to Dubai?
The Byju CEO said, “It is very unfortunate that people are thinking that I have fled to Dubai. I have been getting my father treated here for the last one year. But I want to make it clear that I have not run away.” He said that he will return to India soon. However, Raveendran did not give the time. Byju is currently surrounded by legal and financial difficulties.
Company worth billions becomes ‘ZERO’
At one time Byju’s valuation had reached $22 billion. Raveendran said that today its price has come down to zero. He accused investors of abandoning him in their time of need.
How did the problem start?
Byju’s problems increased due to increasing debt, delayed financial information and regulatory scrutiny. During the financial year 2021, the company had failed to provide financial information within the deadline, after which the financial position of the company came under doubt.
