‘Did not run to Dubai’: Byju Raveendran claims he’ll return to India

Byju Raveendran, founder and CEO of crisis-hit edtech firm Byju’s, has said that he has not run away to Dubai and plans to return to India soon. Speaking to the media for the first time in four years, Byju Raveendran cleared the air around his rumoured move to Dubai, which occurred as trouble began brewing at Byju’s.
In his virtual press conference, Byju Raveendran blamed investors for his company’s troubles and expressed his intent to revive the brand. He also revealed the reason behind his prolonged stay at Dubai, where he has reportedly been staying since 2023.
“It’s very unfortunate that people think that I ran to Dubai because I had to… I came to Dubai for a year for my father’s treatment, which led to our ongoing stay. But let me be clear, I did not run away,” he stated in his first press conference since trouble began brewing at Byju’s.
The edtech firm is currently facing a host of legal and financial challenges, leading many to speculate that Raveendran left India to avoid creditors, regulatory authorities, and the anger of its customers.
“I will come to India and I will fill stadiums… The timing has not been decided, but it will be soon,” the 44-year-old promised. He was speaking from his residence in Dubai. “I only need to see a one percent chance to make it work. I am not worried about what order will come. Whatever comes, I will find a way out,” he added.
Once valued at $22 billion, Byju’s valuation has plummeted to zero, its founder claimed. He blamed investors for ditching the startup at its time of need.
Byju’s troubles began with mounting debt, delayed financial reporting, and regulatory scrutiny. Byju’s missed deadlines for filing its audited financial statements for FY21, raising concerns among investors and regulators. This created doubts about the company’s financial health and transparency.
Byju Raveendran blamed investors, saying they supported him while the company was expanding but ran away at the first sign of trouble.
“Investors were asking for that (a change in management) without a plan,” Raveendran said during the virtual press conference. “Since the markets turned in December 2021, the only people who have been putting money in the company is us,” he added, noting that some investors, including Prosus, have not put any money in the company in the last four to five years.