2024-10-18 09:35:16 :
Byju Raveendran, CEO and founder of embattled edtech startup Byju’s, has refuted speculation that he has “escaped” to Dubai, saying he intends to return, repay loans and revive the brand, Hindustan Times reported.
“It is very unfortunate that people think I ran away to Dubai because I had to… I came to Dubai for my father’s treatment, which led to our continued stay. But let me be clear, I did not run away,” Ravindran (44) told reporters at a virtual press conference. He moved to Dubai in 2023.
Notably, this is his first interaction with the media in four years since the company’s business has been in trouble due to accusations of fraud and financial irregularities.
“Will be back”
“It is very unfortunate that people think I ran away to Dubai because I had to… I came to Dubai for my father’s treatment, which led to our continued stay. But let me be clear: I did not run away,” he said.
According to a PTI report, Ravindran said in a two-and-a-half-hour call with the media that lenders would not be able to access any funds if the company’s insolvency proceedings continue.
“If they are willing to work with me, I am willing to give the money back to them before taking out a single rupee. We paid $140 million but they wanted the full $1.2 billion, which we had committed or invested at that time. For a long time Most of the lenders want to settle but there are one or two who want to make a fortune from it,” Ravindran claimed.
“Investors cannot absolve themselves of the blame”
He also blamed investors, accusing them of abandoning the company when things went wrong. He also dismissed their demands for a change of management, saying they had “no plan” to do so, the HT report added.
“Most of the acquisitions were brought in by investors and we got carried away. Investors wanted us to co-launch products in 40 countries. When we raised $1.2 billion in loans,” Ravindran said, according to PTI , investors are celebrating. “
“They (investors) supported me as the company expanded, but ran away at the first sign of trouble. Investors demanded a change in management without a plan. Only one person has put money into the company since the market turned in December 2021 That’s us,” he said, claiming that Prosus was “one of the investors that hasn’t put any money into the company in the last four to five years.” ”, according to the HT report.
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