 "Byju Raveendran")
Byju Raveendran | File Photo
Byju Raveendran, founder of the beleaguered edtech firm Byju’s, addressed employees and apologised to them for not being able to compensate them for their work.
Byju’s was valued at $22 billion in 2022 but has seen its fortunes dwindle due to various regulatory issues and disputes with investors, triggering the firm’s insolvency.
As a small token of appreciation, Raveendran said he has managed, against all odds, to borrow some funds.
“It won’t be much, but each one of you will receive a small payment by this weekend. This is not nearly what you deserve, but it is what I can offer right now. And I promise you this — the day we regain control of our company, you will get more than your fair share,” said Raveendran.
He said the employees will be recognised for standing by him and the students through this incredibly tough time.
He requested the employees, not as the founder but as a fellow teacher, to keep teaching and believing in the company.
“I speak to you today, not as the founder of Byju’s, but as one of you — a teacher. I know what it feels like to stand in front of a class, day after day, even when the going gets tough. And these past three months, I know, you have been doing exactly that,” said Raveendran in a letter to the employees, which has been reviewed by Business Standard.
“I owe you an apology. You have given your best, yet we have not been able to compensate you for your work. This is not right, and for that, I am truly sorry. The past three months have been a perfect storm of legal battles, financial uncertainties, and challenges none of us ever expected. But through it all, you have stood strong. You have upheld the highest calling of a teacher — to educate, to inspire, and to guide,” he said.
Raveendran said the company is navigating an insolvency process.
This process has been challenged by Byju’s in the court of law.
“Because we believe in this company, we believe in our mission, and most importantly, we believe in you. We know that Byju’s is not just a business model. We serve millions of students across the country, and we do that through the tireless efforts of thousands of teachers like you,” said Raveendran.
He said right now, there are many legal battles underway. He mentioned that US-based lenders have filed a flimsy case, staking a claim on the company’s India assets.
“But they have no entitlement to these assets, as per the agreement we signed with them. The so-called trust that represents them in India has no legal standing. It does not represent the majority of these lenders,” said Raveendran. “Still, the reality is that I no longer control the company’s bank accounts. We are confident of winning this case, and while we wait, I understand the burden this places on you.”
However, he said this is not an excuse. The employees have bills to pay, families to support, and lives to live.
“And yet, in these trying three months, you have continued to deliver. You have taken classes, solved doubts, created content, and kept our students engaged. You have done all this without asking for anything in return, even when your patience must have been wearing thin,” he said.
He said a teacher does not stop because the road is difficult. A teacher keeps going, because the purpose is bigger than the struggle.
“You have shown what true dedication means. You have taught me, yet again, what it means to be a teacher,” Raveendran added. “Even in the face of these challenges, you have chosen to rise above them. And for that, I am deeply, forever grateful.”
He said the legal battles are his personal struggles. “If I could, I would have shielded you from all the troubles that have come our way. But you have taken on this burden with grace, with strength, and with resilience that humbles me,” he said.
“I know that, together, we will come out of this stronger than before. We cannot stop. We cannot even slow down. Because we have millions of students depending on us. They are the reason we keep going. They are the reason we fight these battles. And they are the reason we will win,” said Raveendran.
First Published: Sep 21 2024 | 7:57 PM IST
