Byju Raveendran’s Byju’s Tumbles: From Billionaire to Zero Worth

Edtech entrepreneur Byju Raveendran‘s fortune has taken a nosedive, seeing his net worth plummet from billions to zero, as reported by Forbes.

Formerly valued at ₹17,545 crore ($2.1 billion), Byju Raveendran, the founder of Byju’s, has now been stripped of any financial ranking in the Forbes Billionaire Index.

Forbes stated that only four individuals from the previous year’s list failed to make the current cut, with Byju Raveendran being one of them. Byju’s, his brainchild, faced numerous challenges leading to a stark decline in valuation by BlackRock to a mere $1 billion, a stark drop from its pinnacle of $22 billion in 2022.

The edtech company Byju’s, established in 2011, swiftly rose to the top as India’s most valuable startup. Byju’s e-learning app catered to students spanning from primary school to MBA aspirants, propelling it to great heights of success.

However, recent financial disclosures and controversies rocked the company, resulting in staggering losses. Byju’s financial statement for the fiscal year concluding in March 2022 showcased a net loss exceeding $1 billion, prompting BlackRock, a major investor, to devalue the company to a meager $1 billion.

As a repercussion of the financial woes, Byju Raveendran was ousted as the CEO by Byju’s shareholders, including Prosus NV and Peak XV Partners. The company embarked on a series of employee layoffs as part of a broader restructuring effort to salvage its operations.

Amid the turmoil, Byju’s initiated layoffs through phone calls followed by email notifications, marking a challenging period for the once high-flying edtech firm.

Credit Gist New Today News in Newspaper Nigeria Headlines

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