In a pointed rebuttal to growing criticism and legal scrutiny, BYJU’S founder and CEO Byju Raveendran has publicly dismissed allegations branding him a “fugitive”, calling the narrative a “fabricated story” aimed at discrediting him and seizing control of the troubled edtech firm.
In a recent interview with ANI, Raveendran stated unequivocally: “I am not a fugitive. These are false claims propagated to tarnish my image and destabilize the company.” He emphasized that the term “fugitive” has not been used in any official court document and is part of a broader “malicious media and legal campaign” orchestrated by certain foreign investors, particularly U.S.-based entities.
Defensive Stand Amid Mounting Crisis
Founded in 2011, BYJU’S was once hailed as India’s most valuable startup, with a peak valuation of $22 billion. But a confluence of issues from mounting debt and plummeting revenues to legal battles and corporate governance concerns has left the company in turmoil. Reports suggest its valuation has now effectively eroded to near zero, though the company hasn’t confirmed this figure.
Raveendran said that attempts to delegitimize him and his family, especially his brother Riju Raveendran, who has also faced similar allegations are part of a strategy to weaken the founder’s hold on the company. “These are deliberate narratives built to create prejudice in Indian courts,” he asserted.
“We Built in India, We Stayed in India” – Byju Raveendran
Rejecting the idea that he had fled from accountability, Raveendran clarified: “All our assets, operations, and profits are rooted in India. We paid taxes here. We reinvested every bit back into the Indian ecosystem. Accusing us of evasion is not only baseless, it’s disrespectful to what we’ve built over more than a decade.”
According to Raveendran, the founders never diverted capital overseas for personal benefit. Instead, he claims, “Our struggle has been against a coordinated assault by some investors who want to capitalize on the company’s vulnerable state.”
A Cautionary Tale for India’s Startup Ecosystem?
While Raveendran’s defense is vociferous, industry observers suggest the controversy surrounding BYJU’S is indicative of a broader governance gap in India’s startup scene especially among unicorns that scaled rapidly during the post-pandemic edtech boom but failed to consolidate or sustain.
Investor dissatisfaction, regulatory red flags, employee layoffs, and opaque financial disclosures have all converged into a cautionary tale. The National Company Law Tribunal (NCLT) is currently hearing multiple petitions involving BYJU’S, and former employees have publicly raised questions about dues and severance pay.
Will BYJU’S rise again?
Despite the mounting setbacks, Raveendran said he remains hopeful: “BYJU’S will rise again. We are trying to make amends and stabilize the company. This is not the end.”
However, rebuilding trust with regulators, customers, investors, and the public may prove to be a steeper climb than launching a billion-dollar startup from scratch.
As of now, there are no official legal declarations labelling Raveendran a fugitive. The term has largely been used in media and investor correspondence, without formal recognition by Indian courts.
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