At its peak, Byju’s was worth $22 billion in 2022
BBN Desk
Till last year edtech star Byju Raveendran was a billionaire with a net worth of $2.1 billion (Rs17,543 crore) So he was well-highlighted in almost all prominent `world’s richest’ lists. Gone are the days. Now with the net worth plummeting to zero, the young entrepreneur from Kerala who had built a business empire with incredible speed and precision, is being dropped out from the prestigious lists. A recent example is the Forbes Billionaires Index 2024, where his name is missing.
“ 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, Forbes said in a note that explains why he was dropped.
The fall of Think and Learn Pvt Ltd, the startup launched by a group of students headed by Byju Raveendran in 2011, began as the company encountered multiple problems which are now eclipsing the firm once a shining star in edtech business.
The frim quickly rose as India’s most valuable startup, reaching a peak valuation of $22 billion in 2022. Raveendran’s brainchild revolutionized the education sector with its innovative learning app, Byju’s, serving students from primary class to MBA aspirants. However, recent financial disclosures and growing controversies have severely impacted the company’s fortune.
The challenges faced by the company become evident with the release of Byju’s overdue financial results for the fiscal year ended March 2022, which unveiled a substantial net loss surpassing $ 1 billion
