Dubai [UAE], May 17 : Byju Raveendran, founder of embattled edtech giant BYJU'S has for the first time revealed what will be next for his company, BYJU'S 3.0--with a message rooted in purpose over profit.
"We don't belong in courtrooms. We belong in classrooms. That's where we started, and that's where we're going back," Raveendran said in an interview with ANI.
Raveendran said his focus remains resolutely on students, teachers, and the transformative power of learning.
"About BYJU'S 3.0. I am so excited to talk to you about it because we both don't belong in courtrooms. We belong in classrooms. That's where we belong. And these classrooms, being based out of India, are our biggest advantage. It's a country where there is so much respect for teachers, so much respect for learning," Raveendran said.
He dispelled notions of personal gain. "I never saw the money come. I never saw it go. We invested everything we had in one mission--BYJU'S. We've invested only in one place in only one mission. We have no other investments. My entire investment is in BYJU'S."
Despite setbacks, Raveendran said he believes the responsibility to rebuild lies with him.
"The reason why we are not giving up on BYJU'S is because we owe it to the students, teachers, and employees who trusted us. That's why we're not giving up. BYJU'S 3.0 will stay true to our original mission," he said.
While remaining tight-lipped about the exact form of BYJU'S 3.0, Raveendran said he is clear on the principles--- leveraging AI to enhance teachers, not replace them, and focusing on uplifting underperforming students.
"I am not in a position to disclose what that will be. I can assure you that it will again be built on the same mission, which is to create a love for learning for students. Everything which we'll do will create an impact at a scale which we've not been able to do before," he stated.
"I'm stubborn when it comes to the mission. It's going to be the same. How do we make it easy and interesting for students? How can we use AI not to replace teachers but to enable teachers to become better teachers? How can we move the bottom quartile of students to the next one or to the next one?" he added.
Raveendran also referred to the company's legal and financial battles.
"I'm not blaming all our investors. I'm someone who tries to take every possible hit, but there are a few rotten apples. It's just three or four investors who, in combination with certain lenders, have tried to take control of the company. Some investors, in particular, have attempted to steer the narrative due to concerns about personal liability, especially as the company faced litigation," he said.
"They've made more money than anyone could have imagined from BYJU'S, but their attempt to protect their own interests has created this narrative. The origin of this issue comes from a couple of US-based lenders, not from our equity investors," he said.
Raveendran acknowledged challenges in the future but said that the mission of the company remains unwavering.
"In January 2024, we were about to launch a rights issue, but that was derailed. It's tough to predict whether we can attract the same level of marquee investors as before. And yes, there is some bitterness from the lawsuits, but the mission of BYJU'S remains unwavering," he added.
Raveendran emphasised that today's technology allows for the creation of impactful offerings with lean teams, which will be central to BYJU'S growth moving forward.
"We are going to build this in a very sustainable way, taking a long-term view, and bringing in external capital only when absolutely necessary. If people are wondering why the last two years have been filled with legal challenges, they will be in for a surprise. This optimism isn't because entrepreneurs are supposed to be optimistic--it's because we've already achieved something extraordinary," he said.
Raveendran said that the journey from building BYJU'S from scratch to a USD 20 billion valuation, with millions of students engaged in its learning platform, is a significant achievement no one can take away from the company.
"We built this company from the ground up, from 0 to 20 billion, from a handful of students to hundreds of millions. That is something nobody can take away from us," he said with pride.
Reiterating his belief, he said, "The reason why we are not giving up on Byju's is because we owe those students, teachers and employees who trusted us. So we owe it to them to bring it back."
"Why shouldn't I fight? Why shouldn't I fight to protect what I've built over the last 20 years, what we've built together with 85,000 employees. If there was fraud, we wouldn't have returned thousands of crores. People who engage in fraud take the money and run. But that's not what we've done...when we make a comeback, it will be on the same mission. But we will be more flexible in how we operate. We've learned a lot of lessons along the way," he added.
Raveendran addressed the growing narrative that certain aggressive investors and their legal representatives pushed. "You can see for yourself. They're clearly telling there is no fraud, but they are trying to make it look like there is. The goal is to create a narrative."
He pointed out that top partners from multiple legal firms representing these investors have admitted privately that there is no fraud but are working to craft a different story.
"They are trying to create a narrative that suits their interests. But truth will come out. It takes time in India, but it will come out," he said.
The founder went on to acknowledge that, as of now, he does not have control over the company, but his confidence in the eventual revelation of the truth remains unshaken.
"I may not have control right now, but I'm certain the truth will come to light. I've always believed in transparency, and at some point, the truth will emerge for everyone to see," he said.