Byju Raveendran, founder of the struggling edtech company Byju’s, recently addressed employees to apologize for their inability to compensate them for their work. Once valued at $22 billion in 2022, Byju’s has faced significant challenges, including regulatory issues and investor disputes, leading to its current insolvency.
In a message to his team, Raveendran shared that he had managed to secure some funds as a small token of appreciation. “It won’t be much, but each one of you will receive a small payment by this weekend. This isn’t nearly what you deserve, but it’s all I can offer right now. I promise that when we regain control of the company, you will receive more than your fair share,” he stated.
He expressed gratitude for the employees’ dedication during these tough times, emphasizing the importance of their role in education. “I speak to you not as the founder of Byju’s, but as a fellow teacher. I know the challenges you face daily,” he said in a letter reviewed by Business Standard.
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Raveendran acknowledged the difficult past three months, describing them as a “perfect storm” of legal battles and financial uncertainty. He apologized for the lack of compensation, stating, “This is not right, and for that, I am truly sorry.” He praised the employees for their commitment to teaching and guiding students despite the challenges.
As the company navigates an insolvency process—one that is currently being contested in court—Raveendran reiterated his belief in the mission of Byju’s and the invaluable work of its educators. He pointed out that ongoing legal disputes, particularly with U.S.-based lenders claiming rights over the company’s Indian assets, have complicated the situation. “These claims are without merit,” he asserted, emphasizing the legal standing of the trust representing the lenders.
He acknowledged the personal struggles this situation has placed on employees, reminding them that many have families and financial obligations. “And yet, through these trying times, you have continued to deliver,” he noted, commending their efforts to engage students and create content without immediate reward.
Raveendran stressed the resilience of teachers, stating, “A teacher does not stop because the road is difficult. You have shown what true dedication means.” He expressed deep gratitude for their perseverance and reassured them that together, they would emerge stronger.
In conclusion, he emphasized the urgency of their mission, stating, “We cannot stop or slow down. Millions of students depend on us. They are the reason we fight these battles and the reason we will ultimately succeed.”
