“Things Are Not As Bad As You...," Byju's CEO Assures Employees Of Strong Comeback Amid Crisis

New Delhi: The co-founder and CEO of the large edtech company Byju's, Byju Raveendran, gave a virtual town hall presentation to staff on Thursday and promised a great recovery for the business. He claimed that Byju's best work was yet to come.

After a flurry of unfavourable events involving the edtech startup, including layoffs, high-profile board departures, the value decreases, investigations, and an ongoing legal dispute over a $1.2 billion term loan, this was his first official message to the workforce.

According to a remark from Byju Raveendran in the Economic Times, "things are not as bad as you think - as you read in the media, for sure." He added that the startup is now more effective than it was six months ago.

The CEO of the edtech company claimed that the business has a solid foundation and would continue to develop going forward.

He acknowledged that the business has had a difficult year thus far, but he focused mostly on technology and education. According to Raveendran, the company's journey has been uneven, with both successful and unsuccessful acquisitions.

As the forerunner of edtech in India, the company is in the right place, he continued, and is working to address the issues. He didn't mention the company's recent tens of thousands of layoffs, though.

GV Ravishankar, managing director at Peak XV Partners (formerly Sequoia Capital India), Russell Dreisenstock of Prosus (formerly Naspers), and Vivian Wu of the Chan Zuckerberg Initiative were three board members that left Byju's just a week ago.