Byju Raveendran, the company’s creator, claims that Byju’s, once the gem in the crown of India’s ed-tech sector with an astounding $22 billion valuation, has reached an all-time low. In an open conversation with reporters, Raveendran said that the company’s value had dropped to “zero.”
Byju entered a financial crisis in 2022, the year it intended to go public, as a result of its quick expansion and acquisition of over 24 companies. These factors contributed to the company’s demise. According to Raveendran, the company’s financial situation deteriorated due to the departure of significant investors such as Prosus Ventures, Peak XV, and the Chan Zuckerberg Initiative, which left it without essential the funding source.
To make matters worse, the Board of Cricket Control in India (BCCI) filed for bankruptcy when Byju did not finish paying a $19 million sponsorship fee. This resulted in the freezing of assets and the suspension of Raveendran.
In spite of the chaos, Raveendran admits his errors and says he wants to rebuild Byju’s in the future. He is still optimistic about making a return.
Source: Bongo Wiki
