Dubai [UAE], May 17 : Byju Raveendran, founder of India's once-celebrated edtech giant BYJU'S, has for the first time opened up about the company's rapid rise and descent and what he calls a lost opportunity for India.
Raveendran said he had a vision to create a million teaching jobs--a mission he believes was derailed by "the greed of a few vulture lenders in the US."
In an interview with ANI, Raveendran said, "Two years back, we were sitting on thousands of crores. Today, we have nothing. After finishing that, we have raised a few hundred more crores from, because many good people have supported us in the last two years, and they have all been targeted."
"They've all been individually, personally targeted by using this cover... Like a few individuals... Americans and some of the Indians who are in America... It's about it's a few hedge funds, like, literally two hedge funds," he added.
Byju's, once valued at USD 22 billion, has experienced a significant decline due to financial problems, regulatory issues, and legal battles.
The founder and CEO of BYJU'S also acknowledged the strategic misstep and the company's choice to raise a Rs 1 billion term loan despite having strong equity options, ultimately exposed the company to aggressive external pressures.
"The only mistake, which created all this, is that we shouldn't have taken this, when we had enough equity options, we shouldn't have taken this term loan at that time in 2021. Rs 1 billion because we had other options. We have raised 5 billion before that. So it's not, we were not doing it out of desperation. Now it was all a collective decision," he said.
Raveendran highlighted BYJU'S impact on young professionals, emphasising the guarantee of fixed salaries for fresh graduates.
"It's a lost opportunity for India. My idea was to create a million teaching jobs. Now you can say, Oh, that's such a big ambition. We were just starting. We were at its peak as a tool. We created almost 40,000 teaching jobs. And then there was one more thing. Like what mistake we made when we created 2.15 lakh jobs for fresh graduates... Which is just for the greed of a few random vulture lenders in the US. Today, all of us have suffered. And like no one wants to listen to this," said Raveechandran.
Byju Raveendran also shared why he refuses to walk away from what he once built. He declared "Broke, not broken," promising a comeback.
"That's why I'm not giving up. The moment we come back in control -- and 100 per cent it will happen, in whatever form or shape -- we will rebuild," Raveendran told ANI.
Admitting that the collapse of the company's dominance took a psychological toll, he added, "Sometimes it's a blessing in disguise. Things like this can create PTSD, but for those who are mission-driven, we will use it to create post-traumatic growth."
Despite missteps, Raveendran said he remains steadfast. His belief in the mission of democratising education, he says, hasn't changed -- only the path forward has.

Byju's co-founder and wife of Byju Raveechandran, Divya Gokulnath, also spoke to ANI. They shared a glimpse into the personal toll of the crisis -- and the values that have kept her family grounded.
"If I have a circle of 10 people, Byju has a circle of 5. It's that close. We don't go out, we don't party, we don't network. For us, it's always been about the company and our family," she said.
"When things turned south, the people who mattered stayed with us. Our circle didn't change. It kept us grounded even when we went so high," she said.
Echoing the philosophy that shaped BYJU'S -- the belief in education as a means of transformation -- she spoke about parenting, values, and simplicity.
"Our parents invested in education and in raising good individuals. That's what we want for our kids, too -- not just academics, but an environment of love. That's why our parents are with us, surrounding them with care and affection."
On criticism and rumours of extravagance, Divya Gokulnath said, "All of this is untrue. We don't own any luxury cars. We don't own any luxury homes. Yesterday, my mother was telling me, Everywhere, you're just taking things on rent like this," she said.
Divya Gokulnath made it clear that what hurts most isn't the financial setbacks -- it's the erosion of trust and the tarnishing of a mission she believes in deeply.
"Honestly, I don't care about the money. It comes and goes. Lakshmi can come and go. But Saraswati -- the Goddess of Knowledge -- is always with us."
"For me, it's about the tarnishing. That's what feels so unfair. Because it was never about what the country can do for us -- it was always about what we can do for our country."
She recalled the early days when going global seemed like the easy route -- and how the company chose otherwise.
"At a time when people were setting up companies abroad because it was more lucrative, we resisted. We said no -- this will be a 'Make in India' story. Our products will be made here. Our services will be delivered from here. And we will show the world that education belongs to India," she said.
"That pride in India's educational legacy wasn't just a slogan -- it was a foundation. We're a product made in India, made by Indians, proudly made for the world. A students-first company," she stated.