Byju Raveendran eyes new edtech venture after collapse of Byju’s: Report

Byju Raveendran, founder of edtech major Byju’s that has been embroiled in operational and financial woes, has said he would start another edtech venture. He said he would run the new venture at ‘half the cost’ of his beleaguered edtech company. Raveendran said if parent company, Think & Learn, was to shut down, he would find new ways to teach.

Raveendran said that his investors were not without blame for the state of Byju’s, who, he claimed, had aggressively backed him during the company’s era of expansion but quickly ran away when the first sign of trouble showed up. 

The founder said that he, along with the other co-founders, intend to stay in the edtech business, according to reports. Raveendran said that the only people who have been putting money in the company are the founders.

“Investors didn’t care about students or parents, they just wanted me to create a $100-billion company,” he lamented in a call with journalists on Thursday. Byju’s top investors, including Sofina, Peak XV, Prosus and General Atlantic, moved court to oust Raveendran over allegations of mismanagement. 

The edtech founder said that all the decisions for Byju’s were taken with the consent of all the investors. He added that he got the most support for Whitehat Jr acquisition -- which didn't end well -- and the most resistance for Aakash acquisition -- one of Byju's' flourishing properties.

He acknowledged that they overestimated the potential growth, considering they were the pioneers of the sector globally. 

Byju’s is facing multiple litigations from lenders and investors. The value of parent company Think & Learn is down to zero but 26 subsidiaries of Byju’s cumulatively report Rs 5,500 crore in ARR (annual recurring revenue) even now, he claimed. At its peak in 2021, Byju’s claimed to make Rs 10,000 crore in revenues. The core business right now is down to zero, he added.