Byju Raveendran, the founder of the company in difficulty Edtech byjjjs, said that the company had made mistakes in its commercial decisions by extending too quickly to 21 countries. This rapid expansion was mainly driven by the pressure of eminent investors.
EDTECH, formerly high, worth $ 22 billion, has faced substantial slowdown due to financial challenges, regulatory obstacles and disputes. The CEO of ByJUS’s also recognized a period of time in terms of strategy, noting that the decision to guarantee a term loan of $ 1.2 billion instead of using the available capital options left the vulnerable business to external pressures.
“The only error, which created all of this, is that we should not have taken this, when we had enough action options, we should not have taken this long-term loan at that time in 2021. Rs 1 billion because we had other options. We raised 5 billion before that.
During an exclusive interview with the Ani news agency, Raveendran said: “When we tried to go from India to the whole world, we made commercial mistakes. Perhaps we could have taken it a little slowly. We became a little too early. We went from India to 21 countries.
ByJU also admitted that external macro-factors, such as the Russian-Ukraine War, led to the René of important investors in promised investments. This development had a significant impact on the expansion and acquisition strategies of the company.
“We collections of growth funds at that time. But when the world has changed when interest rates increased, when the Fed increased the interest rate and, almost simultaneously, the Great War began, Russia and Ukraine, suddenly, the liquidity at Tari. 700 million capital committed; signed of committed capital did not prove,” he added.
The Edtech platform was introduced in 2015, focusing on student service ranging from kindergarten to class 12. By 2019, the company has reached an assessment of more than a billion dollars, which obtained the coveted status of “unicorne”. By 2022, the company’s assessment had climbed to $ 22 billion.
Raveendran highlighted the impact byju had on young professionals, emphasizing fixed wages insurance for recent graduates. The founders of Byju have strongly rejected the allegations made in a trial by Glas, calling them “without foundation” and calling it as a control of control.
“This is a lost opportunity for India. My idea was to create a million teaching jobs. Now you can say, oh, it’s a big ambition. We were starting.
Raveendran explained his determination not to abandon his creation, declaring “despite his breakup, our mind remains uninterrupted”. He declared with confidence to Ani: “I do not give up. We will regain control and make a strong return, in any way or of some structure.”
