BENGALURU: Byju Raveendran on Thursday said there is no fraud and if there were fraud, the founders would take money out, but “we have reinvested our money back into the company,” the founder of edtech firm Byju’s said at a press conference.
Calling for rebuilding the edtech firm, “Today, Byju’s is worth zero. We have lost the confidence of the investors,” he said, acknowledging the difficult period of the company.
Raveendran, speaking to journalists from his residence in Dubai, said investors were asking for a change in management without a plan. Last month, the Supreme Court reserved its verdict and directed the Insolvency Resolution Professional (IRP) of edtech firm Byju to maintain the status quo and not hold any meeting of the Committee of Creditors.
Byju’s US-based creditor Glas Trust Company had filed an appeal against the judgment of the National Company Law Appellate Tribunal (NCLAT) that allowed the edtech firm to pay Rs 158 crore settlement to the Board of Control for Cricket in India (BCCI).
Raveendran said since the end of 2021, the only people who have been putting money in the company are us. He acknowledged that they overestimated the potential growth and entered a lot of markets together.