Byju Failed Because He Didn’t Listen To Anyone, Says Unacademy's Gaurav Munjal

“Byju failed because he didn’t listen to anyone. He put himself on a pedestal and stopped listening. Never do that. Don’t listen to everyone, but have people who can give you blunt feedback,” Munjal

Gaurav Munjal, CEO of edtech firm Unacademy

Source : x

Gaurav Munjal, CEO of edtech firm Unacademy, criticised Byju Raveendran, founder of Byju's, stating that he elevated himself and ceased to heed advice from others. Munjal emphasised the value of receiving direct feedback. In a post on X, he claimed that Raveendran had stopped listening and lacked individuals capable of providing him with constructive criticism.

“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,” Munjal wrote on X.

Munjal raised concerns about Raveendran's leadership and his openness to feedback. “You might not always like the feedback, but take the feedback and act on it," he said. From his experience over the past two years, Munjal, co-founder of SoftBank-backed Unacademy, shared insights.

“Don’t have any biases, it doesn’t matter the kind of Company you want to build. What matters is what your Customers want. If they want Offline, then launch Offline,” he added.

Meanwhile, on Wednesday, the Ministry of Corporate Affairs stated that proceedings against Byju’s under the Companies Law are still ongoing, and no conclusions can be drawn at this stage. Last year, the ministry ordered an inspection of Byju’s books due to various issues, including the company's delay in finalising financial statements and the resignation of an auditor.

Investment firm Prosus has made a significant decision to write off the value of its 9.6 per cent stake in Byju’s, marking one of the largest write-offs seen in the realm of tech startups by a prominent investor. According to the Dutch tech investor's FY24 annual report released on June 24, Prosus reported a fair value loss amounting to $493 million related to its investment in Byju’s.

The decision comes amid ongoing legal disputes between Byju’s and its investors at the National Company Law Tribunal, specifically regarding allegations of mismanagement surrounding a $200 million rights issue.