Byju Raveendran, Founder of EdTech firm BYJU'S said that the company has been facing five challenges and that he refused to take the easy way out as he fights not only for himself but for the entire company and millions of students that they serve.
The founder was speaking at an interactive leadership huddle attended by 50 leaders on Tuesday, December 5, reported The New Indian Express. He shared the challenges the company is facing but also expressed confidence in the ability of the company to overcome them in the next three months.
In his remarks, Byju said that the challenges became stronger around June-July, and he could have easily given up at that point. However, he refused to take the easy way out. Despite the personal sacrifices he has made, including putting his entire personal wealth back into the company, Byju said he remains dedicated to rebuilding the EdTech firm.
Byju discussed five challenges that the company faced in 2023:
- Litigation surrounding Term Loan B (TLB), which stems from a delayed audit and demands a full refund from TLB lenders
- An ED notice
- The closure of the ongoing FY23 statutory audit
- The litigation surrounding the Davidson Kempner (DK) loan raised against Aakash Educational Services Limited (AESL)
- The current challenge to tackle resource optimisations to achieve profitability at the group level
Arjun Mohan, CEO, spoke about the company's turnaround business plan with the right-sized workforce with accountability being the key feature, added TNIE.
Selling the right products to the right people without maximising sales was the approach he urged the team to follow in BYJU'S 3.0. BYJU'S 1.0 was offline, while 2.0 was about tech-delivered context, and 3.0 will be about deep tech-driven personalisations with the right approach and accountability to sales, he said.
