Byju Raveendran, Divya Gokulnath outline future plans, deny wrongdoing amid legal troubles

Byju Raveendran, founder and CEO of embattled edtech giant Byju’s, has spoken out concerning the firm’s turbulent journey, acknowledging previous errors whereas outlining a imaginative and prescient for the longer term. Chatting with ANI alongside cofounder Divya Gokulnath, Raveendran defended the corporate’s actions and criticised what he known as a false narrative towards Byju’s.

Key takeaways

On the $1.2 billion time period mortgage

Raveendran admitted that taking the $1.2 billion time period mortgage in 2021 was a mistake, significantly given the provision of fairness choices on the time.

• Quote: “We shouldn’t have taken this time period mortgage on the time in 2021, after we had sufficient fairness choices. We had raised $5 billion earlier than that. It was a collective choice.”
• He alleged that US-based lenders tried to tarnish Byju’s popularity and accused them of making an attempt to create prejudice in Indian courts by labelling him and his brother as “fugitives.”
• The corporate defaulted on curiosity funds and missed reporting obligations tied to the mortgage, equivalent to well timed submitting of audited financials.

On fund diversion allegations

Divya Gokulnath dismissed allegations of fund diversion, asserting that neither she nor Raveendran had entry to the supposed $533 million.

• Quote: “Immediately, within the US, judgments are handed towards us as a result of we don’t have illustration… If we had been sitting on $533 million, this might not be the scenario.”
• Gokulnath emphasised the monetary pressure they face, together with challenges in hiring authorized illustration.

Byju’s 3.0: a brand new starting

For the primary time, Raveendran outlined the following part, Byju’s 3.0, emphasising a shift from profit-centric methods to a purpose-driven method.

• He highlighted the potential of AI to boost instructing with out changing educators.
• Quote: “How can we make it straightforward and attention-grabbing for college kids? How can we use AI to not change academics however to allow them to develop into higher?”
• He burdened that the main focus could be on bettering studying outcomes, significantly for college kids within the backside quartile.

Intimidation and strain allegationsGokulnath additionally alleged that Raveendran confronted a marketing campaign of intimidation, with threats geared toward isolating him by focusing on members of the family, colleagues, and authorized counsel.