It is said that maintaining success is harder than achieving it. Similarly in a business, keeping good numbers in profit is harder. One such person whose company is facing financial trouble is Byju Raveendran. The 44-year-old founded Byju's with his wife Divya in 2011 which in 2022 became India's most valued startup at USD 22 billion or Rs 183000 crore at the time. But the online ed-tech giant has been facing financial trouble for the last year. The ed-tech company undergoes an insolvency process.
Byju's valuation has dropped from USD 22 billion to under USD 2 billion (around Rs 16730 crore) amid financial woes, Reuters reported. Raveendran faces allegations of financial mismanagement and compliance issues. Last week, he lost control of the company as a tribunal kick-started an insolvency process.
Byju Raveendran, the mathematics whiz who soared from teacher to startup billionaire before his education technology company imploded this year, now faces his biggest test. The future of Raveendran's eponymous Byju's online coaching firm rests with courts after the country's biggest startup, once loved by global investors who valued it at USD 22 billion, crashed below USD 2 billion in valuation. The 44-year-old founder last week lost control of the company as a tribunal kick-started an insolvency process.
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He is accused of "financial mismanagement and compliance issues". The former billionaire holds a B.Tech degree from the Government College of Engineering, Kannur. He joined a multinational shipping company as a service engineer after his graduation. He helped his friends who were studying for the CAT exam. He then took the CAT exam and scored in the 100th percentile. Two years later, he continued helping people study for the CAT exam, and based on the good results, decided to quit his job.
