Byju's failed because Raveendran never listened: Unacademy CEO
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New Delhi: The Founder and Group CEO of withering edu tech firm Byju's Byju Raveendran failed because he put himself on a pedestal and stopped listening to others, CEO of Unacademy Gaurav Munjal said on Friday. Also, a Unacademy co-founder, Munjal, said that one should never do that, Asian News International reported.
Munjal wrote on X, "Byju failed because he didn't listen to anyone. He put himself on a pedestal and stopped listening. Don't do that. Never do that. Don't listen to everyone, but have people who can give you blunt feedback."
"You might not always like the feedback, but take the feedback and act on it," he said.
The Unacademy CEO shared certain lessons he had learned over the past two years through a series of posts on X. In the end, he criticizes Byju.
"Learnings from the last 24 months: Understanding the Unit Economics on Day One is probably the best thing you can do," Mr Munjal said.
According to him, some investors are assets, some are liabilities, and the trick is to figure out who are assets and listen to them.
Meanwhile, in the business world, global investment giant Prosus wrote off the value of its shareholding in Byju's. This has ended in a loss of $493 million. It said in its annual report for FY24 that in the financial year, it wrote off the fair value of its 9.6 per cent effective interest in Byju's since the value for equity investors decreased.
In the meantime, the Union government refuted claims that Byju's has been cleared of financial fraud by the Ministry of Corporate Affairs (MCA). The Ministry confirmed on Wednesday that the investigation is still in progress, and any reports suggesting otherwise are misleading and factually incorrect. The Ministry of Corporate Affairs stated, "The proceedings initiated under the Companies Act, 2013, are ongoing, and no final conclusions should be drawn at this stage."