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'I took Byju's from 0 to $22 billion': Byjus CEO in his letter to shareholders; Read the full letter

IndianStartupNews

IndianStartupNews · 1y ago

'I took Byju's from 0 to $22 billion': Byjus CEO in his letter to shareholders; Read the full letter

Byju's CEO Byju Raveendran has made several promises and announced measures to restore investor confidence. These include enhancing transparency, increasing shareholder representation on the board, and restructuring the company's governance. Raveendran also stressed the importance of shareholder participation in a rights issue and pledged to appoint a third-party agency to monitor the usage of funds raised. In a letter to shareholders, he emphasized the need for unity and collaboration, expressing confidence in the company's resilience and future potential. Raveendran also mentioned the launch of Byju's Wiz, an AI-powered study companion tool.

Related News

My head is bloody, but unbowed: BYJU'S CEO Raveendran in letter to shareholders

Money Control

Money Control · 1y ago

My head is bloody, but unbowed: BYJU'S CEO Raveendran in letter to shareholders

In a letter to shareholders, BYJU'S CEO Byju Raveendran spoke about the company's struggles and quoted 'Invictus' poem by William Ernest Henley. "In the fell clutch of circumstance I have not winced nor cried aloud. Under the bludgeonings of chance, My head is bloody, but unbowed," he wrote. BYJU'S is raising $200 million in rights issue at 99% lower valuation.

I was told BYJU'S would swallow us: Coursera CEO on funding boom

Inshorts · 2y ago

I was told BYJU'S would swallow us: Coursera CEO on funding boom

Coursera CEO Jeff Maggioncalda told Moneycontrol that he used to visit India during the funding boom era of 2021-22. "I remember when BYJU'S was hot. Every time I came to India, everyone was saying 'You're going to get swallowed by BYJU'S'. I said 'I don't know, maybe I will. But I'm gonna stay focused'," Maggioncalda said.

Read the full text of Byju Raveendran's letter to shareholders on rights issue, board restructuring

Economic Times

Economic Times · 1y ago

Read the full text of Byju Raveendran's letter to shareholders on rights issue, board restructuring

Byju Raveendran, the founder and CEO of edtech giant Byju's, has confirmed that the company's $200 million rights issue is fully subscribed ahead of the extraordinary general meeting (EGM) on Friday. Raveendran assured shareholders that the funds raised will be used transparently and emphasized the importance of their participation in the rights issue to preserve and build value for all shareholders. He also mentioned taking steps to restructure the board, appoint non-executive directors, and appoint a third-party agency to monitor the usage of funds. Raveendran expressed confidence in Byju's resilience and highlighted the company's ongoing growth and upcoming AI-powered tool, Byjus Wiz.

"I continue to remain CEO, the claims made by them are completely wrong": Byju Raveendran on EGM results

IndianStartupNews

IndianStartupNews · 1y ago

"I continue to remain CEO, the claims made by them are completely wrong": Byju Raveendran on EGM results

Byju Raveendran, the CEO and founder of edtech company Byju's, has dismissed rumours of his firing in a letter to employees. This comes after more than 60% of shareholders voted in favor of removing Raveendran and his family from the company's board. Raveendran stated that the governance of the company is governed by established rules, which were violated during the recent extraordinary general meeting (EGM). He also questioned the claims made by investors, stating that the meeting received limited support. Byju's has deemed the EGM invalid due to procedural and legal issues.

'Have been moving mountains for months': Byju Raveendran after Byju's pays January salaries

Business Today

Business Today · 1y ago

'Have been moving mountains for months': Byju Raveendran after Byju's pays January salaries

Byju Raveendran, CEO of Byju's, confirmed in a letter that the company has paid all pending salaries for January. The company faced a delay in salary disbursements which was attributed to a crisis caused by select investors demanding Raveendran's resignation as CEO. Byju's also clarified that these investors have no voting rights to change the leadership. Raveendran expressed his determination to fight against vested interests trying to sabotage the company by delaying the rights issue for existing shareholders. The issue aims to raise $200 million at a significantly lower valuation than the previous funding round.

Byju’s secures 50% votes for rights issue, offers battling investors to participate in funding

Economic Times

Economic Times · 1y ago

Byju’s secures 50% votes for rights issue, offers battling investors to participate in funding

Byju Raveendran, CEO of Byju's, has offered estranged investors the opportunity to invest in the rights issue to prevent dilution of their shareholding. In a letter to shareholders, Raveendran mentioned that the company has secured more than 50% of votes to increase the authorized share capital for the $200 million rights issue. Despite legal actions taken by some investors, Byju's continues to prioritize existing shareholders and aims to involve them in the company's turnaround. The National Company Law Tribunal (NCLT) recently refused to stay Byju's extraordinary general meeting (EGM) to increase authorized share capital for the rights issue.

Didn't get day 0 job myself: Ola CEO Bhavish on returning to IIT-B for hiring

Money Control

Money Control · 2y ago

Didn't get day 0 job myself: Ola CEO Bhavish on returning to IIT-B for hiring

Ola CEO Bhavish Aggarwal returned to his alma mater, IIT Bombay, for campus recruitment on Friday. "Will also be at IIT-B tomorrow morning 3 am to hire day 0 from my college when I didn't get a day 0 job myself," he wrote on X on November 30. Day Zero refers to the first day of campus recruitments at IITs.

Byju's founder, ousted by shareholders, says rumors of his firing 'greatly exaggerated'

TechCrunch · 1y ago

Byju's founder, ousted by shareholders, says rumors of his firing 'greatly exaggerated'

Byju Raveendran, the founder of edtech startup Byju's, addressed rumors of his firing in a letter to employees. He claimed that the shareholder group that voted to remove him violated local rules and that their resolutions lacked majority support. Byju's is currently seeking new funding through a rights issue, which has received a strong response. Raveendran expressed confidence that the actions of the minority shareholders will ultimately fail, and the company's position will prevail.

Byju's Raveendran says will continue to remain CEO after EGM casts out founders

Livemint

Livemint · 1y ago

Byju's Raveendran says will continue to remain CEO after EGM casts out founders

Byju Raveendran, the CEO of edtech company Byju's, has stated that he will remain in his position despite attempts by shareholders to oust him and revamp the board in an extraordinary general meeting (EGM). Raveendran dismissed rumors of his firing and declared that it is "business as usual" at Byju's. The EGM was deemed invalid by Byju's and only garnered support from 45% of shareholders. These developments come after the troubled edtech company announced a rights issue that will dilute the shareholding of non-participating investors. Raveendran has vowed to challenge these actions.

Byju's EGM results out! Over 60% of shareholders vote for removal of CEO Raveendran; company says 'It's invalid'

IndianStartupNews

IndianStartupNews · 1y ago

Byju's EGM results out! Over 60% of shareholders vote for removal of CEO Raveendran; company says 'It's invalid'

Over 60% of Byju's shareholders have voted to remove the Founder & CEO Byju Raveendran, his wife, and his brother from the company's board, citing concerns of mismanagement and failures. This move challenges the governance and leadership within the promising Indian tech startup. Byju's, however, declared the resolutions invalid and ineffective, stating that the meeting was attended by a small group of selective shareholders. The court ruling on March 13 will determine the outcome of the extraordinary general meeting.

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