Byju Raveendran has announced on X that Byju’s would be relaunched, and the company would re-hire employees who were passionate about teaching. Raveendran, who earlier avoided social media, has now opened a new X account after recently marking an entry on LinkedIN. “Nothing is ever as good as it seems, nor as bad as they make you believe. The truth usually lies somewhere in between. So I’m here to talk about the last 20 years: the good 17, the bad 2 & the ugly 1. No filters. Only facts,” he said.
He later added that Byju’s was originally built with 2 lakh 15 thousand freshers who had no experience but “infinite” energy. “Over nine years, we hired 215,000 fresh graduates, each with a minimum fixed salary of 6 lakh, without bias towards experience or academic background. Providing these talented youths with their first career opportunity has been one of my life’s greatest honours. They went on to become productive members of our great economy. Some became entrepreneurs & created jobs. All they needed was that first elusive opportunity,” he stated.
Raveendran also disclosed plans of relaunching the company soon. “Once we relaunch our company – which I believe will happen sooner than expected – we will rehire exclusively from our incredible pool of former BYJUites. My hyper-optimism may seem crazy to some. But let’s not forget that you have to be odd to be number one,” reiterated Raveendran.
Byju’s, which was once viewed as the poster of the success of the Indian startup ecosystem, has been facing a tough time over the past couple of years. After a period of rapid expansion during the COVID-19 pandemic, the company now faces financial distress, legal disputes, and governance concerns. Byju’s also faced criticism for its high pricing strategies, which alienated a significant segment of the Indian market where affordability is crucial. In addition to that, the company has been scrutinized for its sales practices and product quality, leading to customer dissatisfaction and reputational damage.
