Byju Raveendran, the CEO and founder of the struggling edtech company Byju’s, has rejected rumors that he “escaped” to Dubai, asserting his plans to come back, repay creditors, and rejuvenate the brand, according to Hindustan Times. “It’s really unfortunate that people believe I fled to Dubai out of necessity… I came to Dubai for a year for my father’s medical treatment, which has resulted in our extended stay.” “However, I want to be clear that I did not flee,” Raveendran (44) stated to reporters during a virtual press conference. He relocated to Dubai in 2023. Significantly, this marked his first media interaction in four years, following the company’s struggles due to accusations of fraud and financial discrepancies. Also Read | Byju Raveendran prepares for an edtech comeback in a new role. ‘Will Return’. It’s really unfortunate that people believe I moved to Dubai out of necessity. I actually came to Dubai for a year to help with my father’s treatment, and that’s why we are still here. However, I want to make it clear: I did not flee,” he said. In a two-and-a-half-hour conversation with reporters, Raveendran indicated that creditors would not receive any funds if the insolvency proceedings against the company persisted, according to a PTI report. “If they are open to collaborating with me, I am ready to return their money before I withdraw even a single rupee.” We paid $140 million, while they were seeking the full $1.2 billion that we had already committed or invested by that time. We couldn’t have returned them for quite a while.
