Byju’s belated fiscal year ending March 2022 results revealed a net loss exceeding $1 billion, prompting major investor BlackRock to slash its valuation to a mere $1 billion.
Byju Raveendran, founder of Byju’s, has seen his wealth plummet to zero in the 2024 Forbes Billionaire Index amid the challenges faced by the edtech giant. Formerly valued at ₹17,545 crore ($2.1 billion), Byju Raveendran’s net worth now registers as zero, reflecting the hurdles encountered by Byju’s, which had once soared to a peak valuation of $22 billion.
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Forbes highlighted, “Only four individuals from the previous year’s list have dropped off this year, including the former Edtech luminary Byju Raveendran, whose company Byju’s grappled with multiple crises, leading to a significant markdown of its valuation to $1 billion by BlackRock, a fraction of its peak valuation of $22 billion in 2022.”
Founded in 2011, Byju’s swiftly ascended to become India’s most valuable startup by 2022, boasting a $22 billion valuation with its comprehensive learning app catering to students from primary school to MBA aspirants. However, recent financial disclosures and controversies have resulted in substantial losses for the company.
Byju’s belated fiscal year ending March 2022 results revealed a net loss exceeding $1 billion, prompting major investor BlackRock to slash its valuation to a mere $1 billion.
In addition to the financial woes, Byju’s shareholders, including Prosus NV and Peak XV Partners, voted to remove Byju Raveendran as CEO last month.
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The company has initiated employee layoffs as part of its ongoing business restructuring efforts, conducting the recent layoffs primarily through phone calls followed by email notifications.