Best Of Byju's Yet To Come, CEO Assures Employees Byju Raveendran reportedly stated that Byju's is now expanding and diversifying its board to align with the scale and reach of its operations
By Teena Jose •
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Byju Raveendran, the co-founder and CEO of edtech company Byju's, in a virtual meeting, has addressed the employees and assured them that the company will bounce back strongly. According to the CEO, the best of Byju's is yet to come.
This year has been really a challenging one for the edtech company, ranging from layoffs, resignations of board members, valuation cuts, ED raid, an ongoing legal battle over Term B loan amount. While he admitted that the company has gone through a tough year so far, Raveendran reportedly said the company's journey has been mixed, with some great acquisitions and some mistakes. Also, he chose to speak mainly about technology and learning.
Byju Raveendran was quoted by the Economic Times as saying that "Things are not as bad as you think – as you read in the media, for sure". He also said the startup has become more efficient compared to what it was six months ago.
Acknowledging the recent developments, Raveendran stated that Byju's is now expanding and diversifying its board to align with the scale and reach of its operations, a common practice for large companies.
Diving deeper into the operational irregularities of the company, Raveendran, in the town hall, further stated that the departures of the board members were unrelated to Deloitte's resignation. He also assured the employees that their exit was amicable and carried out with mutual understanding, adding BYJU'S investors continue to support its growth trajectory.
"This is mainly after facing substantial delays with Deloitte during last year's challenging audit. That is when we decided that and were just waiting for the right time," added the ET report.
In his addressing note, Raveendran advised the Byju's team to focus on 'rising above the noise' and highlighted the company's resilience in weathering past storms, emerging stronger each time.
Mentioning the ongoing Term Loan (TLB) dispute, Raveendran reassured the team that constructive discussions are underway, expressing confidence in a positive outcome in the coming weeks and emphasized that the company is working on resolving the challenges.
Earlier this week, the CEO had assured that the FY22 audit report will be filed by September.
