Byju Raveendran, Founder and Chief Executive Officer (CEO) of BYJU’S revealed that the current net worth of the infamous EdTtech start-up is a shocking zero.
He made this startling revelation in an online press conference, where he also claimed that the resignation of three key investors — Prosus, Peak XV Partners, and the Chan Zuckerberg Initiative — at the same time in 2023 has proven to be difficult to raise funds.
“Even if they wanted to resign, if a transition or a vote for reconstitution had been planned, the company wouldn’t be in the situation it is today,” Raveendran said, as reported by Economic Times.
Raveendran told media at the virtual press conference that the investors “threw him under the bus” and “quit at the first sign of trouble” after the Delaware Supreme Court held that BYJU’S defaulted a USD 1.5 billion loan.
Here are more excerpts from the online press conference:
On the 1.2 billion term loan from American investors:
“I thought we made the best decision in the world when we took the Term Loan B (TLB). It was the easiest capital, but it became the most expensive one.”
On allegations and charges of fraud:
“We have not made any intentional mistakes. We have never siphoned off money. There is no fraud. If there were fraud, the founders would take money out, but we have reinvested our money back into the company.”
On the possibility of a comeback:
“I have been on the edge so many times. For me, it’s a mission, not a business. I will make a comeback, and nobody can stop me from completing my mission.”
