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.
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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.
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