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Byju’s founder’s net worth drops from 17,545 crore to zero, how?
Porni Banerjee | ০৪ এপ্রিল ২০২৪ ১৬ : ৩৮
Byju Raveendran, founder of the Edtech company Byju’s, is no longer a billionaire as his net worth has plunged down to zero, the latest Forbes Billionaire Index revealed.
While Raveendran had his net worth of Rs 17,545 crore in 2023, his current worth pushed him down to zero amid multiple challenges faced by the company that once flourished with a valuation of $22 billion.
“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,” said Forbes.
Founded in 2011, Byju’s instantly gained popularity as India’s most valuable startup catering to students of primary level to MBA aspirants. In 2022, the valuation of the learning app was worth $22 billion. However, recent financial reports and controversies have adversely impacted the company.
Situation worsened when Byju’s showed their money results for the year ending March 2022, indicating a net loss of over $1 billion. This prompted BlackRock – a major investor – to cut down its valuation to mere $1 billion, which is way too less than before.
This has resulted in the company’s shareholders - including Prosus NV and Peak XV Partners – to oust Raveendran as the company’s CEO last month. This apart, the company has also begun with the process of employee layoffs as part of its restructuring efforts.
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