The company, once India's most valuable startup, was founded by him and his wife in 2011.
Several businesses in India reached their peak at some point of time. However, many such companies couldn't maintain the top spot in the market. Instead, they are now facing financial trouble for quite some time. One such company is Byju's, once India's most valuable startup at USD 22 billion (around Rs 1,83,000 crore) in 2022. The online ed-tech giant was founded by Byju Raveendran and his wife Divya Gokulnath in 2011. Byju's has been in financial trouble since 2023. The firm has seen a massive (95 per cent) drop in its valuation. Valued at USD 22 billion in 2022, the company is now worth USD 1 billion (Rs 8290 crore), TechCrunch reported.
The asset manager BlackRock slashed its valuation of Byjus. BlackRock owns a stake of less than 1% in the embattled ed-tech firm. As per the report, BlackRock valued its shares in Byju's at USD 209.6 apiece, translating to a valuation of USD 1 billion at the end of October 2023.
Byju's board currently has Raveendran, his wife Divya Gokulnath and his brother Riju Raveendran. The company is scheduled to have its Extraordinary General Meeting (EGM) on February 23. According to reports, the meeting has been called for to remove Raveendran as the group’s CEO and appoint a new board. The former billionaire, Raveendran, 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.
After a rapid expansion during Covid pandemic, Byju's has been struggling with cash flow. It is embroiled in a dispute with creditors over a USD 1.2 billion loan. During Covid, the company also sponsored Indian cricket team, Football World Cup. It also signed football star Lionel Messi as a global ambassador.
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