I have never met Byju Raveendran.
Yet, I must admit I have a soft corner for the man, like I have for all teachers who love teaching.
I can almost feel the goosebumps of Raveendran's early days as a teacher. You accidentally discover something you are good at and figure that you can make a damn good living out of it. Who doesn't want that life?
But then success has its own trappings. It puts you in the limelight and attracts many who want to join your ride.
I vividly remember the day when Byju's, the company, reported its first big fund raise. It was the topic of discussion during lunch that day amongst my consulting team members and clients. We were then helping launch a 4G mobile service that would disrupt the Indian telcom industry forever. That day on the lunch table, we were happy at the near rags-to-riches story of a middle class guy who followed his passion and became successful. Byju and his eponymous company symbolised the new India in the making, giving hope to millions. We were equally excited at how fast-scaling businesses like Byju's would enrich the content ecosystem and spur demand for 4G data.
From an accidental teacher to the founder of a funded edu-tech startup chasing subscribers (at times through nefarious means), to negotiating successive rounds of funding, to becoming the celebrated CEO of the most valued unicorn in the country, acquiring multiple competitors, and signing enviable brand deals with top celebrities - all this while courting marquee investors - must have been a heady ride in a short span of time. Somewhere on this journey it seems as the entrepreneur flourished, the teacher vanished.
Our contemporary culture celebrates such hyper growth. But when you are growing too fast too soon, you risk running out of the very fuel that ignited the growth in the first place.
I am reminded of an exchange with my late grandfather when I was a kid. One day when he had just returned home after collecting his monthly pension from the bank, I playfully asked him:
How much money do you have?
Enough for my needs, he answered.
How much more do you want? I asked.
He chuckled and said 'Only as much as I can handle'.
It took me years to fully grasp this wisdom. I now know it holds equally true for success, fame, growth and all such things.
Byju's valuation is down ~90% from its peak. The same investors who once celebrated its CEO Raveendran and funded his meteoric rise are baying for his blood. Yesterday, they voted to oust him.
Someone told me the other day:
Kings and their kingdoms rise and fall. They make for fantastic stories and are written about in the history books. It's the kingmakers though who hold real power. They never go to a battle but always win the wars irrespective of who the king is/was.
This rings true.
BYJU'S 's saga is not over yet. It will be keenly watched. I hope Byju - the teacher - is soon back to doing what he does best.
#byjus #musings #startupfunding #growth #vc #pe