Byju Raveendran, the Founder and Group CEO of Byju's, a troubled edtech company, encountered setbacks due to his perceived infallibility and reluctance to heed advice, according to Gaurav Munjal, Co-founder and CEO of Unacademy, who expressed his views on Friday.
"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 emphasized in a series of posts shared on X.
"You might not always like the feedback, but take the feedback and act on it," he stressed.
Munjal began his series of posts reflecting on his own learnings from the past two years before directing criticism towards Byju’s.
"Learnings from the last 24 months: Understanding the Unit Economics on Day One is probably the best thing you can do," Munjal stated.
He further commented, "Some investors are assets, some are liabilities. The trick is to figure out the ones who are assets and listen to them".
On the other side, Prosus has realized a huge write-off on its stake in Byju's, booking a loss of $493 million.
The investment firm, in its annual report for FY24, wrote off the fair value of its 9.6 percent effective interest in Byju's and called it an exercise done as its value for equity investors had been fast-reducing.
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