Byju Raveendran, Byju’s founder, had a net worth of Rs 17,545 crore ($2.1 billion) in 2023. However, as per Forbes Billionaires Index 2024, Byju Raveendran’s net worth has fallen to Zero. This dramatic decline is due to Byju’s downfall. His company has had many problems since 2022, like accounting issues, selling courses in the wrong way, and firing many workers.
Forbes noted that only four people from last year’s Forbes Billionaire Index aren’t on the list this time, including Byju Raveendran, who started Byju’s, a company for learning online. Byju’s had many problems, and its value went down from a peak of $22 billion to being marked down to $1 billion by BlackRock.
Byju’s Downfall
Byju’s, founded by Byju Raveendran in 2011, with his wife Divya Gokulnath playing a significant role, has faced substantial challenges recently. These include laying off thousands of employees due to shrinking venture capital funding and declining demand for online learning services. Additionally, key investors and board members departed, citing disagreements with Raveendran.
He has faced much criticism because his company is not doing well. Some big shareholders, like Prosus NV and Peak XV Partners, recently voted to remove Raveendran as CEO, which has caused a big fight over what will happen to the company, which used to be very successful.
Also, the government is looking into Byju’s foreign investments. They sent warnings to Byju’s parent company, Think & Learn, saying they might have broken some rules about foreign money, totaling more than Rs 9,362 crore. Consequently, Byju Raveendran, once featured as one of the wealthiest individuals by Forbes, is no longer on the list, marking a significant downturn for the edtech firm.
Byju Raveendran’s Net Worth
The co-founder of the struggling edtech company Byju’s, Byju Raveendran, has lost his billionaire status, as per the Forbes World’s Billionaires List 2024. Byju Raveendran’s net worth plummeted from Rs 17,545 crore ($2.1 billion) last year to now becoming zero. While Raveendran’s name is absent from the Forbes billionaires index, the global count of billionaires has risen to 2,781 individuals, an increase of 141 from last year. In India, Mukesh Ambani, the chairman of Reliance Industries, holds the title of the richest person with a wealth of $116 billion, according to the latest Forbes rankings.
Byju’s Valuation
Byju’s Peak Valuation:
- In October 2022, Byju’s was valued at a whopping $22 billion during its last fundraising round.
Valuation Decline:
- However, things changed quickly. Byju’s value went down multiple times after that.
- In January 2023, BlackRock, a big investment company, said Byju’s was worth only about $1 billion. This is a massive drop of 95% from before.
- BlackRock lowered the value of its shares in Byju’s parent company, Think & Learn, three times in 2023.
- Earlier, each share was worth $4,660 at its peak in 2022.
- BYJU’s attempted to raise $200 million in January 2024, but its value was only $220-250 million, a 99% decrease from its 2022 valuation of $22 billion.
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