BUSINESS
Byju Raveendran founder of Byju's declares the once-prominent edtech company is now "worth zero" amid insolvency and financial trouble.
Byju Raveendran, the founder of Byju's, once hailed as India's largest startup, has recently declared that his education technology company is now "worth zero." This shocking statement comes as the company faces insolvency and a myriad of financial troubles. Despite these challenges, Raveendran remains hopeful about rescuing the business he built.
Byju's gained immense popularity during the COVID-19 pandemic by providing online education courses. At its peak in 2022, the company's valuation soared 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, stating, "What valuation are you talking about? It is zero." He admitted that they may have overestimated the potential for growth, explaining, "We entered a lot of markets together. It was a little too much, too soon." This was Raveendran’s first media briefing in 18 months, marking a significant moment for the beleaguered entrepreneur.
Byju's entered into insolvency proceedings after complaints from U.S. lenders to the Supreme Court regarding the misuse of $1 billion borrowed by the company. Despite these serious allegations, Raveendran firmly denied any wrongdoing during his briefing.
The financial woes of Byju's have escalated in recent months, with boardroom shake-ups and criticism surrounding delayed financial disclosures adding to the company's troubles. The firm was once a favorite among global investors, backed by reputable firms like General Atlantic, but it has now become a cautionary tale in the startup world.
Raveendran, a mathematics expert who transitioned from teaching to becoming a billionaire entrepreneur, remains determined to navigate the challenges ahead. He concluded his remarks with a sense of resilience, saying, "Whatever is coming, I will find a way out." His commitment to finding solutions underscores his belief that Byju's can still recover from its current crisis.
Meet man, who used to be mechanic, cleared UPSC exam on first attempt, secured AIR 32 to become....
RRB NTPC 2024: Registration window ends today, check easy steps to apply at rrbapply.gov.in
Watch: Little girl lifts huge snake in viral video, parents face backlash for dangerous stunt
Happy Karwa Chauth 2024: WhatsApp wishes, messages and quotes for your loved ones
Zerodha's Nikhil Kamath, known for favouring renting, buys his 1st house; here's why
Meet Ratan Tata’s favourite chef, who began his career in a garage, now he is...
Rajinikanth to compensate producer's loss for Vettaiyan failure? Here's what we know
Meet woman behind the voice of Apple's iPhone 'Siri', never paid for it due to...
Who is IPS Anurag Gupta, acting Jharkhand DGP removed by EC ahead of Assembly polls?
Meet Vijaya Kishore Rahatkar, the newly appointed chairperson of NCW
Watch: Rishabh Pant's monstrous 107m six against Tim Southee leaves New Zealand players stunned
Mukesh Ambani's driver earns Rs 2400000, he is fully trained for...
Why do air hostesses wear high heels?
Mukesh Ambani brings iconic London brand to Indian market, opens its first outlet in...
Delhi pollution: Tips to protect your lungs as AQI levels rise
Donald Trump receives support from THESE WWE legends, trio mock Kamala Harris, watch viral video
'Kaunsa chahiye, bol?': Rohit Sharma's witty response to fan's query on changing IPL team goes viral
Karwa Chauth 2024: Trending mehendi designs idea to elevate your festive look
Jharkhand elections 2024: Hemant Soren's JMM, Congress to contest 70 of 81 seats
Meet man who runs India's largest bank worth Rs 1283000 crore, not from IIT, IIM, his salary is...
IND vs NZ: Rishabh Pant goes past MS Dhoni, becomes fastest Indian wicketkeeper to....
Karva Chauth festival set to generate Rs 7000 crore more revenue than last year, it will be...
Karwa Chauth 2024: 5 fasting tips for women with diabetes
Elon Musk vs Jeff Bezos: Which billionaire will lead the space race?
This actor who lived in chawl for 33 years, would have owned half of Andheri if...
Lawrence Bishnoi gang member arrested for ‘plotting to kill’ Salman Khan
‘We faced a…’: Ratan Tata on his parents' divorce, grandmother's support and breakup
Baba Siddique killed ‘because of’ Salman Khan? Salim Khan breaks his silence
Drone from Lebanon targets Israeli PM Benjamin Netanyahu's home days after Hamas chief's killing
When angry Sunny Deol allegedly tried to stab Hema Malini with KNIFE for marrying Dharmendra
'Not all that is hidden...': Son Zeeshan shares cryptic post after Baba Siddique's murder
Good news for Mukesh Ambani as Jio Financial earns huge profit of Rs….
Karwa Chauth Sargi Time 2024: Auspicious time, significance, history of festival
Elon Musk is offering up to Rs 5,000 per hour for THIS job, it is...
Spooky space! NASA reveals formation of human face on Mars
'Mind blowing': Sibling duo's cover of 'Tum jo aaye' leaves netizens spellbound, WATCH viral video
Delhi-NCR's air quality turns 'very poor', situation likely to worsen till...
This college offers placements worth Rs 6500000 to graduates, is listed among top...
Vistara's Delhi-London flight diverted to Frankfurt after bomb threat
Mohammad Rizwan set to replace Babar Azam as Pakistan's ODI and T20I captain
Viral video: Little girl's adorable dance to 'Aayi Nai' impresses internet, watch