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Gaurav Munjal, Co-founder and CEO of Unacademy, has openly criticized Byju Raveendran, Founder and Group CEO of Byju’s, attributing the edtech firm’s recent setbacks to Raveendran’s failure to heed advice from others.
Munjal’s critique emerged in a series of posts where he reflected on his own learnings over the past two years. “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.
He underscored the importance of accepting critical feedback, even when it may be challenging to hear. “You might not always like the feedback, but take the feedback and act on it,” Munjal advised in his social media posts.
Amid these remarks, Munjal also shared insights gleaned from his recent experiences. “Understanding the Unit Economics on Day One is probably the best thing you can do,” he asserted. He further advised entrepreneurs to discern between beneficial and detrimental investor relationships, stressing the importance of aligning with investors who provide constructive input.
Meanwhile, global investment powerhouse Prosus has disclosed significant financial losses related to its investment in Byju’s. In its annual report for FY24, Prosus revealed a write-off amounting to $493 million due to a decline in the fair value of its 9.6% stake in Byju’s.
This financial setback for Byju’s comes at a time when the edtech sector is under increasing scrutiny for its business models and growth trajectories. Byju’s, once hailed as a unicorn with expansive growth potential, now faces challenges amidst shifting investor sentiments and operational hurdles.
The comments by Gaurav Munjal have sparked discussions within the entrepreneurial community about leadership, receptivity to feedback, and sustainable business practices in the competitive landscape of edtech. As Byju’s navigates these challenges, industry observers await further developments in its strategy and leadership approach.
Sources By Agencies
