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Despite being in the throes of a financial crisis, BYJU’S founder Byju Raveendran has stood by the company’s decision to feature Bollywood superstar Shah Rukh Khan and football icon Lionel Messi in its marketing campaigns. According to Raveendran, these celebrity associations were never just about glamour—they were closely linked to BYJU’S mission to promote education on a global scale.

“Shah Rukh Khan was creating awareness for our new segment. Look at all the commercials we have created with Shah Rukh Khan and Messi—it was talking about love for learning,” he told ANI. He further emphasised that Messi's involvement was aimed at promoting one of their most impactful non-profit programs. “Messi was talking about education for all, which is our largest not-for-profit initiative in terms of the scale it reached.”

A Series of Costly Decisions and External Setbacks

Once valued at $22 billion in 2022 and celebrated as India’s most valuable startup, BYJU’S has seen its fortunes reverse dramatically. The company has been weighed down by surging debt, regulatory issues, and a series of global expansion efforts that ultimately backfired. Raveendran acknowledged missteps, particularly during the rapid international push amid the pandemic.

“Maybe we could have taken it a little bit slowly. We were growing a little too soon, too fast. We went from India to 21 new countries,” he admitted. “But if you ask me, in that context of 2019 to 2021, the COVID era, we have 160 investors, world-class investors, and equity investors. All of them - this was the mandate: grow, grow, grow and change the way kids learn."

Another pivotal choice that came under scrutiny was the decision to secure a $1.2 billion term loan in 2021. “We had other options. We raised $5 billion before that. We were not doing it out of desperation. It was a collective decision,” Raveendran clarified.

Macroeconomic challenges further intensified the company’s problems. The Russia-Ukraine conflict and rising interest rates played a significant role in drying up available capital. “We were raising money for growth...suddenly the liquidity dried up. $700 million of committed capital didn’t turn up,” he noted, adding that even though agreements were in place, they refrained from pursuing legal action against defaulting investors.

Edtech Poster Child Grapples With Reality

Having once symbolised the promise of India’s edtech revolution after launching in 2015, BYJU’S had achieved unicorn status by 2019 and was regarded as a pioneer in digital learning from kindergarten through class 12. However, the dream run faltered sharply, and now, three years into a sustained liquidity crisis, the company is struggling to find stable ground.

Yet, Raveendran maintains that the choices made—whether involving rapid scaling or star-studded campaigns—were aligned with the company’s broader educational mission.