Byju's Raveendran Pledges Comeback and Company Relaunch: 'Will Rise Again'

Byju Raveendran, the founder of beleaguered education technology startup Byju's, promised on to rebuild the once-mighty empire from the ground up.

"Broke, not broken." "We will rise again," Raveendran wrote on social media platform X, alongside a photo of himself as a young man, reflecting on his humble beginnings.

Byju's was valued at $22 billion in 2022, but its fortunes have dwindled due to a massive cash crunch, regulatory issues, and investor disputes, including a battle with US lenders who are demanding $1 billion in unpaid dues, prompting the firm's insolvency.

"Once we relaunch our company, which I believe will be sooner than expected, we will only hire from our incredible pool of former BYJUites. Some may find my overly optimistic outlook absurd. But don't forget, you have to be odd to be number one," Raveendran said earlier on X.

Raveendran joined X on Friday to reveal the "truth" about the company and the events of the previous two years.

"Nothing is ever as good as it appears, or as bad as they make you believe. The truth usually falls somewhere in the middle. So I'm here to discuss the last 20 years: the good 17, the bad 2, and the ugly 1. No filters. Raveendran said, "Only facts."

Raveendran stated that over the course of nine years, Byju's hired 215,000 fresh graduates, each with a minimum fixed salary of Rs 6 lakh, with no regard for experience or academic background. He went on to say that giving these talented young people their first chance at a career was one of his proudest achievements.

"Byju's was built by 2 lakh freshers with no experience, exceptional talent, and boundless energy. They went on to become productive members of our thriving economy. Some became entrepreneurs, creating jobs. All they needed was that first elusive opportunity," Raveendran explained.