Byju’s is growing slowly but sustainably and is close to achieving profitability at the group level, the company’s CEO Byju Raveendran said. Byju organise a town hall with Byju Raveendran to allay apprehensions about the uncertainty around the company’s growth and its future.
As per sources, who attend the town hall, Byju Raveendran said that issues with $1.2 billion (approx. Rs. 9,852 crore) Term Loan B lenders are being resolve through discussion and hopeful of a positive outcome in the next few weeks without the court’s intervention.
As per source :
“Byju share that Byju’s is close to achieving profitability at the group level, demonstrating the company’s commitment to financial management and optimization of operations,”.
He said that despite the challenges face by tech companies globally, Byju’s has made substantial progress towards this significant milestone.
Byju’s had set a timeline to achieve profitability by March 2023.
As per source :
“He said that Byju’s is now growing slowly but sustainably and most of its business verticals are in good shape, relatively speaking,”.
Many reports have emerge around Byju’s financial performance, debt burden, delay in filing financial results and the latest being investor in the firm Prosus lowering valuation in the firm for 9.6% stake.
After all the controversies, a Delaware Court recently pass an order in favour of Byju’s giving the company a significant boost in its fight against various controversies.
As per other source :
“Byju share an important update that the TLB dispute is being resolved through constructive discussions, and the company is confident about achieving a positive outcome in the next few weeks without court intervention,”.
Byju Raveendran said that constructive discussion with lenders signifies the company’s ability to navigate challenges and find solutions through proactive engagement.
He clarified to employees about the director’s and auditor Deloitte’s resignation.
As per source :
“Byju highlight the strategic decision to appoint BDO as Byju’s statutory auditors for the next five years which led to Deloitte’s exit. He said that a mutually agreed-upon decision has been taken to focus on efficient and timely audits going forward,”.
Byju Raveendran during the town hall said that the company is now actively expanding and diversifying its board to reflect the scale, scope, and reach of operations, which is a routine practice for large companies.
He touched upon concerns around the viability of edtech as an industry.
He said that edtech is not a ‘pandemic phenomenon’ but a permanent fixture in education.
As per source :
“Byju reassure that Byju’s has weather storms before and emerged stronger. He exhort his team to “rise above the noise” and work with the resilience and determination that is found in the DNA of BYJU’S,”.
Other source claim that employees did not ask any questions about lay-offs and provident fund deposits.
As per source :
“Byju Raveendran said that the company has been under crisis multiple times and has come out stronger. So they will come out stronger this time too,”.
