Byju's
Byju's founder, whose net worth was Rs. 17,545 crore a year ago, no longer a billionaire
Mumbai/IBNS: Indian multinational educational technology company Byju's founder, Byju Raveendran's net worth is now zero, a year after he had Rs. 17,545 crore a year ago.
Raveendran is no longer a billionaire.
The man, who had featured in several 'globe's richest' lists, has now plunged to zero, as per Forbes' Billionaire Index.
"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.
Headquartered in Bengaluru, Byju's was launched in 2011 by Raveendran and Divya Gokulnath.
Byju's went on to become a leading startup with its revenue peaking to $22 billion in 2022.
But soon after, Byju's laid off 4,000 employees in 2022 due to lack of funding in all probability.
On January 25, 2024, lenders started bankruptcy proceedings against Byju's.
In one of its feats, Byju's had won the sponsorship rights for the Indian jersey from 2019-2023.
It was also the official sponsor of the FIFA World Cup 2022.
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