BUSINESS
Meet co-founder of one of the biggest start-ups in India which is now facing financial troubles, regulatory scrutiny, and investor concerns amid a sharp decline in valuation.
Byju's, once one of India's most valuable startups, is currently navigating a challenging phase with legal and financial troubles. The educational technology company, founded by Byju Raveendran and his wife Divya Gokulnath in 2011, is struggling to overcome a major crisis that has seen some key investors resign from its board. Divya Gokulnath, co-founder of the firm, has recently been in the spotlight as the company deals with these issues. She was once one of India's richest women entrepreneurs, with a wealth estimated at Rs 4,550 crore, according to the Kotak Hurun survey.
Born in 1987 in Bengaluru, Karnataka, Divya Gokulnath comes from a middle-class background. Her father is a nephrologist, and her mother previously worked as a programming executive for Doordarshan, India's public service broadcaster. She pursued her education in biotechnology, earning a B.Tech degree from RV College of Engineering in Bengaluru. Despite clearing the GRE, a challenging exam for postgraduate programs abroad, Divya chose not to pursue studies overseas. Instead, she began working as a teacher at the age of 21 and joined Byju Raveendran's educational venture, where she initially reached out to him as a mentor.
Her journey with Byju's began in 2011 when she and Raveendran co-founded the online learning platform. Divya played a significant role in shaping the company, taking on various responsibilities, including content creation, user experience, and brand marketing, especially during the COVID-19 lockdown when online education demand surged. She even appeared in educational coaching videos to teach students.
However, Byju's growth has taken a downturn recently. The company faced significant financial setbacks, with its valuation dropping to zero, as revealed by Byju Raveendran. The challenges arose from mounting debt, delayed financial reporting, and increased scrutiny from regulatory authorities. Missing crucial deadlines for submitting audited financial documents for the 2021 fiscal year sparked concerns about the company's financial health and transparency, leading to a loss of investor confidence.
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