The former billionaire who had a combined net worth of Rs 30,600 crore along with his family just last year is now worth only a little over Rs 833 crore.
From an ordinary math tutor to the poster boy of India’s startup success, Byju Raveendran has now witnessed one of the most eye-opening slump in Indian business circles. The former billionaire who had a combined net worth of Rs 30,600 crore along with his family just last year is now worth only a little over Rs 833 crore ($100 million), according to a Forbes report.
Byju Raveendran founded online ed-tech giant Byju's in 2011. In 2022, his firm commanded a massive valuation of around Rs 1,83,000 crore ($22 billion). India’s most valued startup has lost $19 billion in valuation and is now estimated at less than $3 billion (Rs 25,000 crore).
Byju’s has seen its losses mount exponentially. In FY 2020, the net loss of Byju Raveendran’s company stood at Rs 310 crore and increased to Rs 4560 crore in FY 2021. The most recent setback comes from the European investment firm Prosus which holds a stake in the company. It has written down the value of its 9.6 percent stake in Byju’s parent Think & Learn for a third time in a year and two months. The first time in September last year, it devalued Byju’s to $6 billion and reduced that to $5.1 billion in March this year.
Prosus now values Byju Raveendran’s firm at $3 billion. This means that the value of the company has come down by 86 percent in the last 16 months. This means that Byju Raveendran’s 18 percent stake in the company is now pegged at $100 million or around Rs 833 crore.
Byju and his wife and former student Divya Gokulnath launched the firm. Byju Raveendran is the son of two teachers and hails from Kerala. He earned an engineering degree from the Government College of Engineering of Kannur. A bright student, Byju aced the tough CAT exam two times. His entrepreneurial journey started in 2007 when he left his job to start a CAT coaching centre. Troubles mounted for Byju in the last couple of years, including a legal tussle over a $1.2 billion loan and an investigation by the Directorate of Enforcement (ED) involving an alleged violation of Rs Rs 9362.35 crore.
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
 "India's startup star sees wealth plunge by nearly Rs 30000 crore, his net worth is now...")
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
)
){kind=small}
){kind=small}
)
)
)
)
)
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}