Byju Raveendran, the founder of the struggling edtech company Byju’s, has now made allegations against several entities that are involved in the company’s ongoing crisis. In a recent LinkedIn post, he accused EY India, GLAS Trust, and the court-appointed Interim Resolution Professional (IRP) of engaging in “criminal collusion” that, according to him, has actively worked against the edtech firm rather than aiding its recovery.
Byju further claimed to have received “conclusive evidence” supporting these allegations and urged authorities to conduct an immediate investigation. However, he did not provide further details or share the specifics of this alleged evidence. So, without independent verification, Raveendran’s claims remain just that — claims, and could be a way to shift blame and move the narrative away from Byjus’ financial woes. Whether authorities will take action based on his statements or whether this will be dismissed as an attempt at damage control remains to be seen, but it does little to restore investor confidence in what used to be one of the biggest names in the Indian edtech landscape.
In his post, Raveendran expressed frustration over what he perceives as an orchestrated effort to dismantle Byju’s. He stated that both he and multiple employees had received documents that allegedly proved EY India, GLAS Trust, and the IRP were engaged in actions that harmed the company rather than assisting in its restructuring. “Several employees and I received a document with conclusive evidence of criminal collusion between EY India, which I otherwise held in high regard, GLAS Trust, which claims to represent lenders it does not represent, and the IRP, who was appointed by an Indian court to protect BYJU’S but ended up destroying it,” Raveendran wrote in the post.
Attempts to seek a response from EY India on the matter have so far been unsuccessful. GLAS Trust and the IRP have also not issued any statements about Raveendran’s allegations either. They come at a time when the edtech firm has faced a long-drawn legal and financial crisis, battled lawsuits, insolvency proceedings, and governance issues. Once valued at $22 billion, the company has seen its fortunes plummet due to liquidity shortages, disputes with investors, and debt-related conflicts. The company has been locked in a legal battle with US creditors over a $1.2 billion term loan, with lenders demanding repayment and pushing for governance changes. Compounding these difficulties, Byju’s became subject to insolvency proceedings last year after the Board of Control for Cricket in India (BCCI) accused the company of defaulting on a ₹158.9 crore payment related to a sponsorship agreement. GLAS Trust opposed a proposed settlement between Byju’s and BCCI, arguing that the funds in question were “tainted” and misappropriated from creditors.
Beyond the financial and legal battles, Raveendran also addressed criticisms regarding his family’s financial gains from the company. He disputed claims that they had profited significantly from selling their shares, instead stating that any wealth accumulated had been reinvested in Byju’s to sustain operations. “You have been told my family made a fortune by selling our shares. But that’s just half the story. You haven’t been told that all that ‘fortune’ has been put back into our company,” he wrote, adding, “You probably know me as the man who built BYJU’S. But I am also the man who sold his house and mortgaged his family’s future. Everything that I ever owned has now been sold to keep our mission alive.”
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