Edtech company Byju's founder Byju Raveendran saw his wealth vanish, as per the latest Forbes Billionaire Index. Previously listed with a net worth of ₹17,545 crore ($2.1 billion), Byju Raveendran's worth in the 2024 Index shows him at zero amid challenges faced by Byju's which once had a peak valuation of $22 billion.
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What Forbes said on Byju Raveendran?
Forbes noted, “Only four people from last year's list dropped off this time, including former Edtech star Byju Raveendran, whose firm Byju's was enveloped in multiple crises and its valuation was marked down by BlackRock to $1 billion, a fraction of its peak $22 billion valuation in 2022.”
What you need to know about Byju's?
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The company was founded in 2011 and quickly grew to become India's most valuable startup. In 2022, its valuation was at $22 billion when the learning app, catered to students from primary school to MBA aspirants. But recent financial disclosures and controversies resulted in mounting losses for the company.
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Byju's long-delayed results for the fiscal year ending March 2022 showed that net loss of the company exceed $1 billion which prompted BlackRock- a major investor- to slash its valuation to a mere $1 billion.
{{/usCountry}}Byju's long-delayed results for the fiscal year ending March 2022 showed that net loss of the company exceed $1 billion which prompted BlackRock- a major investor- to slash its valuation to a mere $1 billion.
{{/usCountry}}This comes as the company's shareholders- including Prosus NV and Peak XV Partners- voted to oust Byju Raveendran as CEO last month. The company also started the process of employee layoffs as part of its ongoing business restructuring efforts. Byju's conducted the recent layoffs primarily through phone calls, followed by email notifications, it was reported.