Monday, April 22, 2024
HomeBusinessByju Raveendran's net worth is now zero from 17,545 crore in 2023:...

Byju Raveendran’s net worth is now zero from 17,545 crore in 2023: What happened?

Edtech company Byju’s founder Byju Raveendran saw his wealth vanish, as per the latest Forbes Billionaire Index. Previously listed with a net worth of 17,545 crore ($2.1 billion), Byju Raveendran’s worth in the 2024 Index shows him at zero amid challenges faced by Byju’s which once had a peak valuation of $22 billion.

Byju Raveendran, founder of edtech firm Byju’s which was founded in 2011 and quickly grew to become India’s most valuable startup.

What Forbes said on Byju Raveendran?

Forbes noted, “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.”

Hindustan Times – your fastest source for breaking news! Read now.

What you need to know about Byju’s?

The company was founded in 2011 and quickly grew to become India’s most valuable startup. In 2022, its valuation was at $22 billion when the learning app, catered to students from primary school to MBA aspirants. But recent financial disclosures and controversies resulted in mounting losses for the company.

Byju’s long-delayed results for the fiscal year ending March 2022 showed that net loss of the company exceed $1 billion which prompted BlackRock- a major investor- to slash its valuation to a mere $1 billion.

This comes as the company’s shareholders- including Prosus NV and Peak XV Partners- voted to oust Byju Raveendran as CEO last month. The company also started the process of employee layoffs as part of its ongoing business restructuring efforts. Byju’s conducted the recent layoffs primarily through phone calls, followed by email notifications, it was reported.

Unlock a world of Benefits with HT! From insightful newsletters to real-time news alerts and a personalized news feed – it’s all here, just a click away!- Login Now!
Stay informed on Business News along with Gold Rates Today, India News and other related updates on Hindustan Times Website and APPs

Source link



Please enter your comment!
Please enter your name here

- Advertisment -
Google search engine

Most Popular

Recent Comments