Byju’s Founder Announces Plans for New Edtech Venture Amid Financial Troubles

Byju Raveendran, the founder of the bankrupt edtech giant Byju’s, recently announced plans to launch a new edtech venture upon his return to India. Raveendran stated that the new company would operate “at half the cost” as part of his efforts to revive his career in the education technology sector. In a call with journalists from Dubai, where he is currently based due to family reasons, he expressed his determination to continue in the edtech business despite the challenges Byju’s is facing.

Raveendran blamed some of Byju’s top investors for the company’s downfall, claiming they pushed for rapid expansion and acquisitions but distanced themselves when the market turned. He highlighted that he and his team were the only ones supporting the company financially during its rough times.

Byju’s, once valued at $22 billion, is now facing multiple lawsuits from lenders and investors. The core business has been reduced to zero revenue, though its subsidiaries, like Aakash Educational Services and Great Learning, reportedly still generate significant income. Raveendran remains optimistic about his future in the edtech space, stating that if Byju’s ceases to exist, he will continue teaching through other avenues.

The founder also addressed allegations surrounding financial governance issues and the resignations of auditors Deloitte and BDO, explaining that these were collective decisions due to audit delays.