BENGALURU: Byju Raveendran, founder of edtech firm Byju’s, in an interactive leadership huddle
attended by 50 senior leaders on Tuesday, said the company will overcome challenges in the next three months.
Raveendran said the company has been facing five challenges and that he refused to take easy way out as he fights not only for himself but for the entire company and millions of students that they serve.
Byju said the challenges became stronger around June-July, and he could have easily given up at that point, but he refused to take the easy way out. Despite the personal sacrifices he has made, including putting his entire personal wealth in the company, Byju said he remains dedicated to rebuilding the firm.
Byju discussed five challenges the company faced in 2023 -- litigation surrounding Term Loan B (TLB), which stems from a delayed audit and demands for a full refund from TLB lenders; an ED notice; closure of ongoing FY23 statutory audit; litigation surrounding the Davidson Kempner (DK) loan raised against Aakash Educational Services; and the current challenge to tackle resource optimisations to achieve profitability at the group level.
Arjun Mohan, CEO, said the its turnaround plan with the right-sized workforce with accountability being the key feature. Selling right products to right people without maximizing sales was the approach he urged 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,
Raveendran said.