BUSINESS
The company has been facing financial trouble for the last year. It was founded by him and his wife Divya in 2011.
Several businessmen in India made billion-dollar business empires but later suffered major losses. One such person who built erstwhile India’s most valued startup, Byju's, is Byju Raveendran. The online ed-tech giant Byju's was once India's most valuable start-up at USD 22 billion (around Rs 1,83,000 crore) in 2022. It was founded by Raveendran and his wife Divya in 2011. The company has been facing financial trouble for the last year. Now, the asset manager BlackRock, which owns a stake of less than 1% in the embattled ed-tech firm, has slashed its valuation of the latter. The firm has seen a massive (95 per cent) drop in its valuation, and is now worth USD 1 billion (Rs 8290 crore), TechCrunch reported.
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. The asset manager valued its share at USD 4660 apiece in 2022, which translated to USD 22 billion (around Rs 1,83,000 crore at the time). 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.
In December 2023, Raveendran pledged his home as well as those owned by his family members to raise money for paying employees, Bloomberg reported. His wife Divya, his former student, helps him run the company. She also sits on the board. A former math tutor, Raveendran was born in Kerala to Raveendran and Shobhanavalli, physics and mathematics teachers, respectively.
After completing his B.Tech from the Government College of Engineering, Kannur, he joined a multinational shipping company as a service engineer. 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.
Delhi: All primary schools closed, classes shifted to online mode due to rising pollution levels
BIG trouble for Anil Ambani, criminal charges against his Rs 14422 crore company over...
Bhool Bhulaiyaa 3 producer calls Singham Again team 'unfair' after the box office win
From Play to Pay, Gaming Is Big Business And A Genuine Professional Prospect
Leasehold vs Freehold: Exploring Options for Expats and Investors in Dubai
Mukesh Ambani's Reliance, Disney complete Rs 70352 crore media merger, to be headed by...
Badshah lands in legal trouble, case registered against rapper for...
GRAP III imposed in Delhi: What is allowed, what is banned amid 'severe' air quality
'Throwing me in deep end': Ricky Ponting takes fresh dig at Gautam Gambhir over Virat Kohli remarks
Revolutionizing Inventory Management in the Cloud Era: Pradeep Kumar’s Strategic Innovations
Delhi: AAP's Mahesh Khichi elected mayor as party defeats BJP in MCD polls
Delhi Air Pollution: GRAP 3 to be imposed in national capital from Nov 15, strict ban on...
WATCH: Inside Rinku Singh's Rs 3.5 crore luxurious house with rooftop bar, private pool
Renowned Yoga Guru Sharath Jois passes away at 53 after suffering heart attack
NASA alert! Giant 'God Of Chaos' asteroid set for close approach to Earth, may trigger astroquakes
UPPSC protest BIG update: RO-ARO exam postponed, PCS prelims to be held in one day
This man earned more money than Mukesh Ambani and world's richest man Elon Musk in one day, he is...
'World's best....': Japan vlogger's reaction to Bengaluru airport goes viral
Sania Mirza named Sports Ambassador of THIS city, not Delhi, Hyderabad, Jaipur
Shloka Mehta turns heads in sleek white gown at Tira store launch, see pics
Amid Abhishek Bachchan and Aishwarya Rai divorce rumours, Jaya Bachchan surprises everyone with...
IND vs SA: Arshdeep Singh goes past Bhuvneshwar Kumar to become Indian pacer with most....
Mukesh Ambani, Isha Ambani’s luxury retail chain opens new store at...
PM Modi to receive Dominica’s highest national award for...
Shraddha Kapoor says people with big foreheads are…
'Busy making...': Kanhaiya Kumar sparks row with remarks on Devendra Fadnavis' wife; BJP hits back
'Full baarati vibes': Vietnamese man's epic 'nagin dance' steals show at Mumbai event
Tilak Varma credits THIS player for his century against South Africa, says 'He gave me...'
UPSC IFS Mains Admit Card 2024 to be released today at upsc.gov.in, check direct link to download
'Be prepared for...': Rupali Ganguly's stepdaughter Esha Verma REACTS to Rs 50 crore defamation case
Saudi, Iran: Cautious dance toward détente?
Anushka Sharma shares glimpse of Children’s Day special dish for daughter Vamika, son Akaay
Jaw-dropping! Man wraps massive green anaconda around his shoulders, internet says...
Donald Trump plans to end Russia-Ukraine war with THIS move, is expected to 'soon' appoint...
As pollution worsens in Delhi with AQI at 'severe' level, experts at COP29 urge India to...
SDM Assault Case: 60 people arrested in Rajasthan's Tonk
Veg thali cost more than non-veg thali in October, here's why
Land drug trafficking patterns in North-Eastern Region
Shillong Teer Result November 14, 2024: Know updates on lucky winning numbers
Mukesh Ambani's SUPERHIT offer for Jio users: Get unlimited validity for 84 days at just Rs...
Delhi air quality dips to 'severe' category as AQI nears dangerous...
Bigg Boss OTT-fame Bhojpuri actress Akshara Singh receives extortion threat
‘All I do is…’: After Arjun Kapoor confirms breakup with Malaika Arora, her cryptic video goes viral