Byju’s Founder and CEO, Byju Raveendran, recently addressed employees in a town hall meeting to discuss recent developments within the company. These developments included the resignation of the company’s auditor, Deloitte, as well as the departure of board members and issues related to loan renegotiations. Raveendran emphasized the importance of shedding light on these matters and providing clarity to the team.
The company experienced high-level exits, with three board members stepping down recently. Additionally, Byju’s has faced legal disputes with lenders, loan defaults, valuation markdowns, and delays in filing financial results for the previous fiscal year.
Following the town hall meeting, Raveendran sent an email to the employees, expressing his gratitude and admiration for their dedication. He addressed the concerns and uncertainties arising from recent events, acknowledging the challenges faced by the company. Raveendran reassured the team that they were actively addressing these challenges through strategic measures aimed at sustainability and profitability. He emphasized the company’s strong foundation, exceptional team, and prospects for sustainable growth in the future.
Raveendran acknowledged the tough headwinds faced by the company, particularly due to adverse macroeconomic conditions and the scrutiny that comes with being a leading edtech company. He shared his personal commitment to Byju’s, having dedicated years of hard work and expressing his intention to continue leading the company for decades to come.
The CEO expressed empathy for team members affected by downsizing, emphasizing that it was a difficult decision made as a last resort. He recognized that tough times test resilience but also reveal inner strength. Raveendran assured the team that the EdTech industry is here to stay and Byju’s is determined to overcome the challenges they face. He concluded the email with a message of determination, stating that they have come too far to only come this far.
