Byju\u2019s founder and chief executive officer Byju Raveendran addressed employees during a town hall. He said during the town hall that it was important for him to shed light on recent developments, including the resignations of the company’s auditor (Deloitte) and board members as well as the issues surrounding its loan renegotiations.
Recently, the company was hit by high-level exits as three board members \u2014 GV Ravishankar, managing director at Peak XV Partners (formerly Sequoia Capital India), Russell Dreisenstock of Prosus (previously Naspers) and Chan Zuckerberg Initiative\u2019s Vivian Wu \u2014 stepped down. The Bengaluru-headquatered company has also been engulfed in court cases with lenders, loan defaults, valuation markdowns by investors, and suffered setbacks due to the delay in filing its financial results for the year ended March 31, 2022.
Just hours after addressing his employees in a virtual town hall, Raveendran sent them an email. Here are key excerpts from the email.
“As I sit down to write this heartfelt message, I am filled with a sense of deep appreciation and admiration for you. I am writing to address recent events that may have caused concerns or uncertainties among our team…In light of recent happenings, there have been discussions surrounding our beloved company Byju’s, which have given rise to misconceptions and speculations. While we acknowledge the challenges we are currently facing, we are actively addressing them. We have taken strategic measures to ensure sustainability and profitability by streamlining our business operations and optimising our team size. With a strong foundation and an exceptional team, we are now poised for sustainable growth in the days ahead,” reads the Raveendran’s email.
\u201cThis is not to suggest that we are not facing some tough headwinds, many of which are related to the prevailing adverse macroeconomic conditions\u2026 the challenges we face seem magnified by the spotlight that comes with being the world’s leading edtech company,\u201d he said.
\u201cThis company is not just my work; it is my life. For 18 years, I have dedicated more than 18 hours a day to Byju\u2019s, pouring my heart and soul into this mission. And I want to do this for at least 30 more years,\u201d he added in the email.
\u201cMy heart goes out to each and every team member who is facing the difficult reality of downsizing, a decision that was made as a last resort and with a heavy heart,\u201d he wrote talking about layoffs.
\u201cTough times may test us, but they also reveal our true strength. I assure you that EdTech is here to stay. We are here to stay. We have not come this far to only come this far,\u201d added Raveendran.<\/div>\n