BYJU'S Financial Saga: A Founder’s Battle Against Insolvency

BYJU'S founder Byju Raveendran offers to repay lenders amidst insolvency proceedings initiated due to RS 158.9 crore dues. Settlement was made with BCCI, but US lenders challenged it in Supreme Court. Raveendran blames aggressive lending practices and aims for a turnaround, defending his commitment to education.

BYJU'S founder, Byju Raveendran, has pledged his willingness to repay lenders amid ongoing insolvency proceedings against the embattled edtech firm. During an extensive media call, Raveendran highlighted his readiness to return the funds, contingent on lender cooperation, prior to drawing any profit.

The insolvency journey began when the BCCI approached NCLAT to recover outstanding dues amounting to Rs 158.9 crore. While the payment dispute with BCCI has been settled and insolvency proceedings revoked, U.S. lenders, via Glas Trust, have challenged this resolution in the Supreme Court, reinstating the proceedings.

Raveendran attributes the financial turmoil to certain lenders seeking profit during distress, pointing to investor-driven rapid expansions. Despite these setbacks, he remains optimistic about revitalizing the core business, which still attracts substantial monthly youth engagement, promising to persist with educational endeavors.

(With inputs from agencies.)