Byju Raveendran’s net worth has fallen marking a new low: report
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New Delhi: Edtech star Byju Raveendran’s net worth has fallen from the previous year’s ₹ 17,545 crore to zero, NDTV reported citing Forbes Billionaire Index 2024.
The fall in wealth follows a series of crises that his start-up company has undergone over the past year, which is a pale shadow of the company’s good old days when Raveendran featured in several global lists of the richest.
Forbes reportedly said that ‘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.’
Founded in 2011, Byju’s stunned the start-up world rising to become one of India’s most successful companies and valued at its peak at $22 billion in 2022.
The company began to face troubles post the covid era with schools and colleges began functioning and students returning to classrooms.
Mounting financial pressure and controversies added to the woes of the once successful company, dealing a severe blow to its fortunes.