Out of the Rs 3,976 crore disbursed as salaries to the team over the past two years, Rs 1600 crore was infused by Riju Raveendran (Byju’s brother) personally.
Talking about claims made by US lenders that the money Riju is providing to the BCCI (Rs 158 crore settlement) is ‘tainted’, Raveendran said, “Riju, has taken full financial responsibility for settling INR 158 crores with the BCCI. The funds used to discharge this obligation were sourced entirely from his finances, which were accumulated through the sale of his shares in BYJU’S between May 2015 and January 2022. These sales have been thoroughly documented, and the relevant income taxes have been paid as the law requires.” He said the money is not connected to the Term Loan B (TLB) raised in the US.
I’m transparent about my whereabouts, says Raveendran
Referring to the allegations that he is a ‘fugitive’, Raveendran said, “As the leader of a company with a significant international presence, my work often demands that I be in different parts of the world, building relationships, securing partnerships, and driving our vision forward. I also had to be in the US for months at a stretch when my father was fighting a critical health condition. I have travelled to India 10 times since March 2023 and spent 77 days in total, while Riju was in India just two weeks ago to pledge our last personal asset. I have always been transparent about my whereabouts and activities, and there has never been an attempt to avoid legal or financial obligations.”
He also said that the company is on the verge of reversing the negative business cycle that began two years ago, showing clear signs of recovery. “We are ready to launch BYJU’S 3.0, an AI-driven, hyper-personalized educational platform low on cost and high on impact. I want to remind all of you that we are still the largest edtech platform globally with 150 million students using our products and services every month. Despite the recent challenges faced, this organic user base has doubled over the last two years. Indeed, BYJU’S is transitioning to a sustainable business model that serves millions of students across India and employs thousands of people,” he explained in the email.