"2022 will be seen as our defining year. After many rocking years, we needed a rocky year to pave the way for our long-term success and resilience," Byju Raveendran, Founder of edtech startup BYJU's, wrote to his employees in his year-ender email.
Looking back at the "challenging year,” Raveendran quoted Japanese author Haruki Murakami to summarise what the year signified for him: “And once the storm is over, you won’t remember how you made it through, how you managed to survive. You won’t even be sure whether the storm is really over. But one thing is certain. When you come out of the storm, you won’t be the same person who walked in. That’s what this storm’s all about.”
He said the challenges the company faced this year has equipped it to weather every storm in the future and "thrive for decades to come." Reflecting on the year that has passed, Raveendran shared six lessons in his email that the company has learnt:
1. Taking calculated action even in the face of adversity can become a major advantage
Raveendran said that BYJU's had been planning to go hybrid for several years and was prepared for the launch of the BYJU's Tuition Centres (BTCs) earlier this year. "Conventional wisdom suggested that we should pause and wait for the market conditions to improve. But we did not just ‘soft launch’ our hybrid model in 2022. In scaling up from 0 to 300+ BTCs in less than a year, we set up a new record in both ambition and execution. Combine them with the 300+ centres of Aakash BYJU’S, then add the 250+ more BTCs that we will be opening in 2023 and you will have India’s largest physical distribution networks for educational products and services for K12 and test-prep, by a huge margin," he said, adding that the company can now serve its 150 million learners via classrooms, apps as well as hybrid centres.
2. Sustainable Growth >> Exponential Growth
Raveendran said that BYJU's in its first six years saw a steady growth, and from 2017 to 2021, it grew exponentially. "We grew product-wise, and we grew service-wise. We grew organically, and we grew inorganically. We grew in India, and we grew around the world. The third, final and forever phase of BYJU’S will be that of sustainable growth," he said.
The edtech founder added that the company was expecting the third phase to start in 2025, however the macroeconomic changes of 2022 meant it had to take the path to profitability this year itself. "Growth with efficiency became our theme for this year. This did not mean investing less, but investing better and prioritising more rigorously. Unfortunately, this also meant I had to make the most painful decision of my life by letting go of some of our family members. The prevailing macroeconomic conditions and the integration of our acquired companies made this inevitable. We have also shifted our sales model towards inside sales, which is a result of BYJU’S strong brand visibility and deep customer trust," he added.
3. You have to focus the most when it’s tough to focus at all
Raveendran, in his email, said the only way to get through life's big challenges is by facing them and finishing them. "We are working very hard to achieve profitability at the group level in the coming year itself," he said.
4. With great expectations comes great responsibility
Raveendran said BYJU's has 50,000 people on board. Of them nearly 20,000 teachers are on its payroll and it is planning to hire 10,000 more teachers in 2023. "We know that our decisions and actions have far-reaching consequences. We always give our best to succeed, not just for ourselves but for the sake of the learners, colleagues and communities we impact and inspire. The stakes are always high and the pressure is always on, but we never lose sight of what we are fighting for," he said.
5. Hate is public. Love is private. Love >> Hate
"We have always been open to informed criticism, and we have never shied away from sharing our facts and figures. But criticism is one thing, and cynicism is quite another. However, we are undaunted by this negativity because we know the truth," he said, adding that the firm is not in it for the accolades. "We are in it for the impact. When we are privileged enough to make such a big impact, it’s criminal to get complacent," he said.
6. It all works out in the end if you don’t take no for an answer
Talking about BYJU's Education For All initiative, Raveendran said over 5.5 million undeserved Indian children can now access "world-class education" for free. "With Lionel Messi as the brand ambassador of EFA, we are confident of doubling this number in the next two years. Speaking of Messi, it all did work out well in the end for him, didn’t it? A little bit of faith at every step, and a lifetime of learning — this is the not-so-secret formula for his success. There is a lot for us to learn from him and we are privileged to be able to," he said.
Ending the email he said, that there were many lessons to learn this year, but luckily the company and its employees are quick learners and "I am a grateful leader," he said, adding that he looks forward to the coming years.
