Byju Raveendran, once a standout figure in the Edtech realm, finds himself at a startling zero on the 2024 Index, according to Forbes’ latest Billionaire Index. The founder of Byju’s, a company that soared to a peak valuation of $22 billion, now faces a stark reversal of fortune. Formerly listed with a substantial net worth of ₹17,545 crore ($2.1 billion), Raveendran’s fortunes have dwindled amidst the numerous challenges besieging Byju’s.
Forbes highlighted the sharp decline, noting, “Only four individuals from the previous year’s roster dropped off this time, including the erstwhile Edtech luminary Byju Raveendran.” Byju’s, once hailed as India’s most valuable startup after its founding in 2011, faced a tumultuous journey. Initially celebrated for its learning app catering to students from primary school to MBA aspirants, recent years saw the company embroiled in financial woes and controversies.
The downturn became glaringly apparent in the fiscal year ending March 2022 when Byju’s reported staggering losses exceeding $1 billion. Consequently, major investor BlackRock slashed the company’s valuation to a mere $1 billion, a fraction of its former glory. Shareholders, including Prosus NV and Peak XV Partners, took decisive action last month, voting to remove Raveendran as CEO. Simultaneously, the company initiated a series of employee layoffs as part of its restructuring efforts, a process reportedly conducted primarily through phone calls and subsequent email notifications.
This saga marks a poignant chapter in Byju’s trajectory, once a beacon of success in the Edtech landscape, now grappling with internal strife and external challenges.
