Byju Raveendran, founder of edtech giant BYJU'S, acknowledged that the move from India to 21 countries may have been too fast-paced and that he made some business mistakes due to the pressure from the investors.
He said, "Our entire wealth, entire company was built out of India. All our wealth which we created was made in India, taxes were paid in India, invested back in India. We have nothing outside India. This is created by a few vested interests. If you see this fugitive word, they only use v
Reportedly, this development comes ahead of a high-stakes Extraordinary General Meeting (EGM) scheduled for this Friday, where certain investors seek to oust Raveendran from his position.
He wrote that Byju's was funded by more than 70 impact investors who have satisfactorily done due-diligence on operations. Raveendran said he was confident that the authorities will also come to the same conclusion.
The National Commission for the Protection of Child Rights (NCPCR) has claimed that the edtech company Byju's is allegedly purchasing the phone numbers of kids and their parents and threatening them that their future will be ruined if they do not buy courses from it.
The National Commission for Protection of Child Rights (NCPCR) has summoned BYJU's CEO Byju Raveendran, asking him to appear in person on December 23 over alleged malpractice of hard selling and mis-selling of its courses for students.
As part of its central restructuring plans, the firm had asked its Trivandrum staff to consider the option of relocating to Bengaluru while some of its teams are consolidated for better efficiency.