Today: 28 October 2025
30 January 2024
1 min read

‘My head is bloody, but unbowed’

Raveendran said that the company was launching a $200 million rights issue to fund the ongoing capital expenditure and support general corporate purposes….reports Asian Lite News

Byju Raveendran, the founder and CEO of embattling edtech company Byju’s, in his letter to shareholders, has drawn parallels with ‘Invictus’ a short poem by William Ernest Henley, saying “My head is bloody, but unbowed.”

In the letter to shareholders, Raveendran said that the company was launching a $200 million rights issue to fund the ongoing capital expenditure and support general corporate purposes.

“In the clutch of circumstance I have not winced nor cried aloud. Under the bludgeonings of chance, ‘My head is bloody, but unbowed,’” he wrote.

“We believe an expeditious capital raise will provide the company with the resources it needs to rebuild and scale. This shall be used for the continuation of business operations, to manage obligations and to make the company more sustainable,” Raveendran added.

He said that the past few months have been tough as Byju’s “faces challenges few companies ever have.”

“While a lot has changed in terms of the macro environment, what remains unchanged is the resolve and belief we have in the mission of the company. In these uncertain times, we have not shied away from taking several tough decisions in the best interest of the company, and we will continue to do so in the coming months,” said the founder.

“It has been 21 months since our last external capital raise, during which we have cut our burn and worked to become a lean organisation, razor-focused on execution,” he added.

As the largest shareholders, the founders of Byju’s have invested more than $1.1 billion in the last 18 months.

“This capital raise is essential to prevent any further value impairment and to equip the company with necessary resources to deliver on its mission… We have decided to raise capital using the Rights Issue mechanism, which will offer all our existing shareholders the opportunity to participate in this proposed capital raise, to the extent of their shareholding and beyond,” said Raveendran.

ALSO READ: India’s Investors Swap FDs for Stocks!

Previous Story

Team India Faces Lineup Shakeup

Next Story

Apple’s Dominance Grows in India

Latest from Business

GST Reform Fuels Record Car Sales Surge

India’s automotive industry is experiencing a massive boost following the implementation of GST 2.0, with car sales more than doubling to over half a million units in just a month, according to

Rupee, Markets Gain Amid Trade Optimism

Emerging market currencies, including the rupee, have gained support amid softening in the dollar. Reports suggesting that the US economy is on the verge of a recession have contributed to the greenback’s

Gold Shines Bright Amid Global Jitters

Gold and silver continued their bullish run on Monday, scaling new highs amid mounting global uncertainties, heightened geopolitical tensions, and growing expectations of a US Federal Reserve rate cut. According to the

ADNOC signs 15-year LNG deal with Indian Oil

Under the deal, LNG cargoes can be delivered to any port across India, enhancing the country’s energy security and meeting its rising energy demand. Abu Dhabi National Oil Company (ADNOC) has signed
Go toTop

Don't Miss

India floats G20 Delhi declaration to prevent cybercrime

G20 encourages states to adopt norms of responsible state behaviour

21% Dip in Indian IT Hiring

The major sectors that witnessed job growth in December were