Byju Raveendran, co-founder and CEO of beleaguered edtech firm BYJU'S, sought to address the concerns of employees in a townhall event on Thursday.
BYJU'S has been witnessing a series of troubles, including the exit of three senior board members, the resignation of Deloitte Haskins & Sells as its auditor, and mass layoffs. In his first official communication with the company's employees after the high-profile exits, Raveendran admitted that BYJU'S is in a "tough space," but said, "we will come back soon."
"Edtech is not a pandemic phenomenon but a permanent fixture in education," he was quoted as saying.
“Last 12 months we have been struggling. But edtech will stay forever, and we are the pioneers. It is one of the most important sectors and we are in the correct space,” Raveendran said.
He said board members, G.V. Ravishankar, MD of early-backer Peak XV Partners (formerly Sequoia Capital India), Russell Dreisenstock of Prosus and Chan Zuckerberg's Vivian Wu, did not quit because of the resignation of Deloitte, even as he thanked the trio for the contribution they made to the company.
According to media reports, the CEO told the employees that the company is nearing profitability.
Addressing the allegations levelled by its $1.2 billion Term Loan B lenders, he said the dispute is being resolved through constructive discussions, and added that he is "confident about achieving a positive outcome in the next few weeks without court intervention."
Urging the employees to "rise above the noise", Raveendran said the company has had tough times before but emerged stronger, and added that the best is yet to come for BYJU'S.
In a recent call with shareholders, Raveendran had admitted his past mistakes and assured them that his learnings far outweigh any missteps. He acknowledged the resignation of board members but said the company has not yet accepted them and information about their resignation was leaked out prematurely.
Reassuring the Board and shareholders, Byju Raveendran conveyed his conviction that, despite the challenges faced over the past year, the newly appointed CFO, along with the Group Counsel (GC), is steadfastly focused on strengthening all operational processes within the organization.
With agency inputs