Byju Raveendran, founder and CEO of the education technology firm Byju’s, addressed the speculations regarding his stay in Dubai amid the company’s ongoing financial issues.

Raveendran expressed his intent to return to India to confront these challenges, committed to addressing potential obstacles.

In a virtual press conference, Raveendran explained that his extended residency in Dubai, starting in 2023, is due to his father’s medical care needs.

Byju’s, previously valued at US$22 billion, is currently facing significant debt challenges and regulatory investigations.

These issues have been underscored by the company missing deadlines for financial reports for the fiscal year 2021.

Raveendran commented on the company’s difficulties, mentioning that investor support has dwindled.

He highlighted that while investors like Prosus have halted their financial backing, he and his team continue to invest in the organization.