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BYJU’S Cofounders Allege Threats & Pressure Tactics
- BYJU’S cofounders Byju Raveendran and Divya Gokulnath have accused certain entities of using intimidation and pressure tactics against their inner circle.
- Gokulnath revealed that individuals associated with BYJU’S, including legal teams and senior management, were threatened, with unknown individuals even visiting executives' homes.
- The cofounders believe that the strategy is to weaken Byju by targeting those who support him, including threats to lawyers and executives.
- They claimed the threat actors are in India and have sent intimidating individuals to the executives' homes.
- Byju Raveendran admitted that opting for the $1.2 billion Term Loan B (TLB) in 2021 was a mistake, despite having enough equity funding options.
- The expansion of BYJU’S into 21 countries was done too quickly, driven by a mandate to grow and transform learning from global investors.
- Raveendran accused certain TLB creditors of creating a narrative to take control of the company and tarnishing the founder’s name.
- The edtech company's acquisition of Aakash was termed as their best acquisition by Raveendran, providing an opportunity to expand into smaller Indian towns.
- The TLB saga involving a $1.2 billion loan from 37 financial institutions led to legal battles and a ruling against BYJU’S in a US bankruptcy court.
- BYJU’S has faced challenges such as layoffs, regulatory scrutiny, and insolvency proceedings, among others, amid the ongoing crisis.
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