Amid ongoing turmoil, edtech startup Byju's founder Byju Raveendran shared a photo of his earlier days on X and captioned, "Broke, not Broken. We will rise again."
The rise and fall of Byju's
Founded in 2011, Raveendran's company is battling lawsuits in both the US and India over $1 billion in unpaid debts. Once valued at $22 billion in 2022, Byju's is now entangled with controversies and criticisms.
Though the founder expressed optimism for a comeback, former employees and several parents who invested in buying courses from the online learning platform had accused the founder a “fraud” trying to target the next set of “victims”.
Netizens react
"Ok. Before you think of your next business, please consider this: how many lower class families have gone into debt because of the work you did over the last decade," a user said, adding, "Maybe it's a good idea to enjoy the wealth you've earned and not make it worse by your future actions."
“I hv a lot of admiration and respect for fellow startup founders but you Mr Faveendran took full advantage to destroy the ethos of Indian consumers. You spared no efforts to willfully defraud students and parents. You brought disrepute to the Indian startup ecosystem. We don’t miss you. Good riddance,” commented an individual.
Another user wrote: “Across India, parents and students entrusted you with their hard-earned money. Your sales teams burned the midnight oil to make your dream their mission. Your CXOs stood by your vision. But today, that trust stands fractured.
Redemption isn’t impossible, but it demands honesty, accountability, and the courage to walk the harder road.”
“You are a fraud. As you sow, so you reap!” remarked a user. “I cannot comment any further about your intentions to run such a flawed model. You ruined many people, shattered their dreams. Lured the poor promising the sky! I was a victim too. Hope you dont rise again, as I am worried about your next set of target audience aka victims.” he added.
"Karma hit you badly! Selling tabs to the poor in the name of good education. Putting them in the trap of loans and EMI. What an evil organisation Byju's was. We all know," one of the users said.
Sharing a post on LinkedIn earlier this year, Raveendran denied allegations that his family profited from selling the shares. He claimed that all funds were reinvested into the company.
He even called for a "thorough investigation" into alleged misconduct, which he believes contributed to Byju's downfall.
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