In his letter to shareholders, Byju Raveendran, founder and CEO of edtech company Byju’s, quoted a line from Invictus, a short poem by William Ernest Henley, saying, My head is drenched in blood, but I am not bowed down. Edtech company Byju’s is currently facing troubles.
In a letter to shareholders, Raveendran said the company is launching a $200 million rights issue to support general corporate objectives and finance the company’s ongoing capital expenditure.
He said that I have the ability to bear the pressure of the occasion and the pressure of the situation. Therefore, in such times of challenge and difficulty, I neither cried nor gave up. My head is soaked in blood, but it is not bowed.
Byju Raveendran, founder and CEO of Byju, said that Byju has faced challenges from some companies. Therefore, the last few months have been difficult for us. But we believe that if we are able to raise capital quickly, we will be able to obtain the necessary resources to rebuild and expand the company. We will be able to use it to continue operating the business and also to make the company more sustainable and manage liabilities.
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Byju Raveendran said that a lot has changed in today’s macro environment, but the resolve and faith we had in the company’s mission remains unchanged. In these uncertain times, many tough decisions have been taken keeping in mind the best interest of the company and we will do so in the times to come. ,
“It has been 21 months since we raised our last external capital,” he said. During this time we have worked to become a lean organization focused on execution and have also reduced our costs.
In the last 18 months, Byju’s founders, as the largest shareholders, have invested more than $1.1 billion.
Byju Raveendran, Founder and CEO of Byju’s, said, “This capital increase is necessary to provide the resources the company needs to fulfill its mission. Other value loss can be prevented only by capital appreciation. “We have decided to use the rights issue mechanism to raise capital, which will give all our existing shareholders an opportunity to participate.”
