Byju’s CEO Raveendran Defends Pressures Faced by Startups
Byju’s, once valued at $22 billion, is now mired in lawsuits and cash flow challenges. The most serious allegation is of a $533 million fund transfer involving its US financing arm Byju’s Alpha.
BYJU’S CEO Raveendran defended the pressures faced by startups, saying that toxic work environments can result in PTSD, but it can also promote post-traumatic growth for individuals who are driven by their mission. In his first extended public comments since the company descended into crisis, Raveendran defended his role, rejected allegations of wrongdoing and offered “BYJU’S 3.0” – a vision that puts the focus on teachers as well as students.
In an interview with ANI, Ravindran explained his reasons for not resigning when the company was shutting down. “A dedicated teacher would never leave his students midway,” he said. He stressed that his commitment as a teacher compelled him to ensure that the business continued to operate, stressing, “We needed to complete the syllabus.” He further added that despite facing legal and financial challenges, the team kept operations afloat because of their collective dedication to education.
Byju’s, once valued at $22 billion, is now mired in lawsuits and cash flow challenges. The most serious allegation is of a $533 million fund transfer involving its US financing arm Byju’s Alpha. BYJU’s CEO Ravindran, along with his wife Divya Gokulnath and former executive Anita Kishore, is accused of diverting loan funds. Ravindran dismissed the allegations, saying, “They are clearly saying there is no fraud, but they are trying to make it look like there is… the goal is to create a story that suits their interests.”
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