Byju Raveendran describes about the ‘storm’ Byju’s survived in 2022
- ByStartupStory | January 2, 2023
Bjyu Ravindran expressed his feelings about the year 2022 by quoting a 2002 book, Kafka on the Shore by Japanese author Haruki Murakami.
He quoted, “And once the storm is over, you won’t remember how you made it through, how you managed to survive. You won’t even be sure, whether the storm is really over. But one thing is certain. When you come out of the storm, you won’t be the same person who walked in. That’s what this storm’s all about.”
The founder of Byju’s sent a year-end email to his employees. In which he wrote, according to popular belief, the edtech startup should have taken a break and waited for the market to improve.
According to Ravindran, the third phase was supposed to begin in 2025, but due to macroeconomic changes in 2022, the company had to begin this year’s path to profitability. As part of its commitment to “development with efficiency,” the company began “better investing and more rigorous prioritising.”
In the internal email, Ravindran stated that he was forced to make “the most painful decision” of his life by firing a portion of the staff. This was necessary due to the current macroeconomic environment and the integration of the company’s acquired operations
However, in terms of ambition and execution, the company set new records, establishing India’s largest physical distribution networks for educational goods and services for K-12 and test prep by a wide margin.
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