India

Byju Raveendran’s Net Worth Plummets from ₹17,545 Crore to Zero in a Year

Byju Raveendran, once hailed as the poster child of India’s startup ecosystem, has faced a dramatic reversal of fortune over the past year. His net worth, which stood at ₹17,545 crore ($2.1 billion) just a year ago, has plummeted to zero, according to the latest Forbes Billionaire Index 2024. This sharp decline comes amid a series of crises that have shaken his once-thriving startup, Byju’s.

Founded in 2011, Byju’s soared to become India’s most valuable startup, boasting a peak valuation of $22 billion in 2022. Raveendran’s brainchild revolutionized the education sector with its innovative learning app, catering to students from primary school to MBA aspirants. However, recent financial disclosures and mounting controversies have taken a toll on the company’s fortunes.

Also read: Know Richest Indian In US Who Broke Shackles Of Poverty, Current Net Worth Is Rs 91721 Crore

The company’s troubles came to light when Byju’s finally released its long-delayed results for the fiscal year ending March 2022, revealing a staggering net loss exceeding $1 billion. This dismal financial performance prompted BlackRock, a major investor, to slash its valuation of Byju’s to a mere $1 billion, marking a steep decline from its peak valuation.

Criticism has mounted against Byju Raveendran for the company’s declining fortunes. Shareholders, including Prosus NV and Peak XV Partners, recently voted to remove Mr. Raveendran as CEO, intensifying a battle over the fate of the once high-flying online tutoring startup as it fights to stay afloat.

Kavya Bhatt

Recent Posts

Gautam Adani Hails Puri Lifeguards As Unsung Heroes During Rath Yatra Visit

Gautam Adani, Chairman of the Adani Group, visited Puri in Odisha during the annual Rath…

4 hours ago

Acharya Pramod Krishnam Slams Congress Over ‘Internal Emergency’ Allegation

Acharya Pramod Krishnam, stirred political debate by claiming an 'internal emergency' still exists within the…

4 hours ago

MRM Meeting: Pledge for Global Peace, Green India, De-addiction & Democratic Integrity

Taking a crucial step toward positive transformation, social reform, and global peace, the Muslim Rashtriya…

4 hours ago

India To Host 2029 World Police & Fire Games; Amit Shah Hails Global Recognition

India has been chosen to host the prestigious 2029 World Police and Fire Games in…

4 hours ago

Seeing The Lord Among Devotees Is The Pinnacle Of Humility: Gautam Adani At Rath Yatra

Gautam Adani, along with his wife and Karan, participated in the Rath Yatra in Puri,…

7 hours ago

PM Modi Interacts With Group Captain Shubhanshu Shukla Aboard The ISS

PM Narendra Modi interacted with Group Captain Shubhanshu Shukla, the first Indian to reach the…

8 hours ago