Byju's CEO Assurance To Employees In Townhall Amid Escalating Crisis
NDTV
In his first townhall since several board members resigned, Byju Raveendran said that the company is in a tough phase, but will bounce back soon.
Byju Raveendran, co-founder of edtech company Byju's, today assured employees of a strong comeback in light of an escalating crisis at the company. In his first townhall since several board members resigned, Mr Raveendran said that the company is in a tough phase, but will bounce back soon.
Admitting that it has been a tough year for Byju's, he said "Last 12 months we have been struggling. But edtech will stay forever, and we are the pioneers. We are in the correct space."
Byju's is in talks with prospective shareholders to raise as much as $1 billion to stave off attempts by some of its existing investors to wrest control from co-founder Byju Raveendran. The startup, which was once valued at $22 billion, is facing slowing growth, and the company has missed deadlines for filing its financial results and paying interest on a loan.
Last week, three global investors at the company said their representatives had resigned from Byju's board, while Deloitte said it was resigning as the company's auditor because it had not received financial statements for 2021-22.
