Founder of THIS India’s largest startup, whose net worth was once Rs 17,545 crore, confirms it is now ‘worth zero’

Byju Raveendran, the founder of Byju’s, once hailed as India’s largest startup, recently declared that his education technology company is now ‘worth zero’. This shocking statement comes as the company faces insolvency and numerous financial problems. Despite these challenges, Raveendran remains hopeful about saving the company he built.

Byju’s gained immense popularity during the COVID-19 pandemic by offering online education courses. At its peak in 2022, the company’s valuation rose to an impressive $22 billion. However, the startup has faced significant hurdles in recent months, including demands for unpaid dues and allegations of mismanagement, which the company continues to deny.

During a recent video conference from Dubai, Raveendran candidly acknowledged the company’s current predicament and said, “What valuation are you talking about? It’s zero.” He admitted that they may have overestimated the growth potential, explaining: “We entered a lot of markets together. It was a bit too much, too soon.” This was Raveendran’s first media briefing in eighteen months and marked an important moment for the beleaguered entrepreneur.

Byju’s has initiated insolvency proceedings following complaints from US lenders to the Supreme Court over the misuse of $1 billion borrowed by the company. Despite these serious allegations, Raveendran firmly denied any wrongdoing during his briefing.

Byju’s financial problems have escalated in recent months, with boardroom uproar and criticism over delayed financial disclosures adding to the company’s problems. The company was once a favorite among global investors, backed by renowned companies like General Atlantic, but it has now become a cautionary tale in the startup world.

Raveendran, a math expert who transitioned from teaching to a billionaire entrepreneur, remains determined to tackle the challenges ahead. He concluded his remarks with a sense of resilience, saying, “No matter what happens, I will find a way out.” His dedication to finding solutions underlines his belief that Byju can still recover from the current crisis.