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Byju Raveendran no longer billionaire; net worth drops from Rs. 17545 crore to ZERO
Byju’s was once one of India’s most valuable startups but has been facing trouble for a number of issues ranging from accounting irregularities, of courses and mass layoffs.
A similar email that was sent in August, Raveendran had promised to clear July's salary, but payment delays have continued as the company navigates an insolvency process and major legal hurdles with US-based lenders staking claims on its India assets.
Byju Raveendran, co-founder of the troubled edtech company Byju’s has lost his billionaire status, according to the recently-released ‘Forbes World’s Billionaires List 2024’. Last year, Raveendran had a net worth of Rs. 17545 crore or $2.1 billion. That net worth today, has fallen to ZERO.
Byju’s was once one of India’s most valuable startups but has been facing trouble for a number of issues ranging from accounting irregularities, of courses and mass layoffs, reported Moneycontrol.
Over the last year, Byju’s has let go of thousands of employees amid its battle with slowing demand of online learning services and VC funding winter. Moneycontrol has earlier reported that the company’s investor board members had left too due to differences with Raveendran.
“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.” Forbes said regarding its list of billionaires.
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