Byju Raveendran’s Net Worth Was Rs 17,545 Crore A Year Ago, Today It Is Unimaginable

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Byju Raveendran, once lauded as the poster child of India’s startup ecosystem, has seen a staggering downfall in his fortunes according to the recently released Forbes Billionaire Index 2024. A year ago, Raveendran’s net worth stood at a formidable ₹17,545 crore ($2.1 billion), earning him a coveted spot in prestigious ‘globe’s richest’ lists. However, in a dramatic turn of events, his net worth has plummeted to zero, marking a profound decline from his previous heights of success.

This abrupt reversal of fortune comes amidst a series of crises that have besieged Raveendran’s brainchild, Byju’s, once heralded as India’s most valuable startup. Founded in 2011, Byju’s swiftly rose to prominence, attaining a peak valuation of $22 billion in 2022. The company’s innovative learning app revolutionized the education sector, catering to students from primary school to MBA aspirants. However, recent financial disclosures and mounting controversies have cast a shadow over the company’s once bright prospects.

The revelation of Byju’s long-delayed fiscal year ending March 2022 results laid bare the extent of the company’s financial woes, with a staggering net loss exceeding $1 billion. This dismal performance prompted BlackRock, a significant investor, to slash Byju’s valuation to a mere $1 billion, representing a sharp decline from its peak valuation.

Raveendran has faced severe criticism for the company’s downward spiral, culminating in shareholder discontent and calls for leadership change. Shareholders, including Prosus NV and Peak XV Partners, recently voted to remove Raveendran as CEO, reflecting escalating tensions over the fate of the once-dominant online tutoring startup.

Moreover, Byju’s foreign investment activities have come under scrutiny, with the Enforcement Directorate issuing showcause notices to its parent firm, Think & Learn, over alleged violations worth over ₹9,362 crore under the Foreign Exchange Management Act. This regulatory scrutiny further compounds the challenges facing Byju’s as it navigates turbulent waters in its quest to regain its footing in the competitive edtech landscape.

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