look news india
Baiju Raveendran, CEO of troubled edtech company Byju's, has suffered a major setback in a year. On one hand, while the number of billionaires in the country is increasing rapidly, on the other hand, the total wealth of Baiju Raveendran, who is included in the list of young billionaires, has become zero. A year ago his net worth was Rs 17545 crore. This disclosure is based on the Forbes Billionaire Index 2024.
This disclosure is based on the Forbes Billionaire Index 2024
It is noteworthy that based on last year's list, this year only 4 people were out of it. One of them is Baijuna Raveendran. Last year, after the ongoing crisis, BlackRock had reduced the valuation of edtech company Byju's from $22 billion to $1 billion. Due to this, the poster boy of Indian startups Baiju Raveendran has got a big blow and his net worth has become zero.
worth 1 billion dollars
Baiju was founded in 2011. The startup grew rapidly and achieved a valuation of $22 billion in 2022. Encouraged by immediate success, the company ventured into America. After this the company faced major setbacks one after the other. Byju Raveendran & Company has a dispute with some investors, now the situation is that Byju has not been able to pay the employees since January 2024. Along with this, layoffs are also continuing in the company.
The company showed its profit of 1 billion dollars in 2022
Byju's has recently declared its FY2022 results. In this the company had shown its profit of 1 billion dollars. It has been included in the list of India's highest loss making companies. After these financial results, Byju's market value was reduced to just $1 billion. After the poor performance of the company, Raveendran was held responsible for all the incidents. Last month, major shareholders had voted to remove Baiju Raveendran as CEO. However, the matter is stuck in the court.