Recently, Byju Raveendran, the founder of Byju’s, shared a nostalgic photo from his younger days on the social media platform X and accompanied it with a note of motivation. Raveendran’s post read, Amid insolvency proceedings in the Supreme Court as it continues, ‘Broke, not broken.’ He was signalling his determination to revive the embattled, once $22 billion ed-tech giant that we will rise again.
Founded the courses on math, physics, and chemistry and took off during the times of the pandemic when the schools were closed, and the students opted for a digital learning option; Byju’s became a phenom, which made the company expand. Before the pandemic, the company was valued at $5 billion, and then that skyrocketed to a whopping $22 billion in 2022. In the middle of all this, Byju bought several companies, and it has been indiscriminately expanding in the edtech business.
After this, when physical classes resumed post-pandemic, the company was faced with financial hurdles. Its revenues expanded rapidly and at large-scale acquisitions, but it could not sustain operations. Mounting debts and financial battles ensued, leaving Byju in a poor state of affairs.
One such dispute in 2023 was the BCCI’s request to Byju for insolvency proceedings when the company defaulted on payments of $19 million for sponsorship of the jerseys of the Indian cricket team. However, the matter was settled when Byju agreed to pay the full amount.
Nevertheless, Raveendran’s latest post shows he is determined to revitalize the company. As Byju has a long path ahead, its founder’s message suggests that it is working towards restructuring and regaining its standing in the ed-tech industry. If Byju can mount a comeback, perhaps one needs to question the will in the face of adversity in Raveendran’s words, namely resilience.
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