While the story of Rags to Riches often inspires people around the world, Byju Raveendran's story recently turned out to be a perfect example of what people should avoid doing. Forbes recently published its Richest People of the World 2024 report and Byju Raveendran was nowhere to be seen. Byju Raveendran is the founder of India's leading education technology company Byju's. A few years back, Raveendran featured in multiple global rich lists with a net worth of Rs 17,545 crore ($2.1 billion). However, the Forbes 2024 report has showcased his net worth as zero. As a result, Byju Raveendra's net worth is raising eyebrows all around the world and the Forbes report highlights how the multiple problems that the company faced resulted in the downfall of Raveendran. Forbed in its report observed, "BlackRock slashed its valuation of Byju's to about $1 billion, down from the firm's $22 billion valuation in 2022, amid the company's struggle to secure capital and allegations of accounting irregularities. Byju's shareholders voted to oust Raveendran as CEO in February." Now, the question arises what went wrong with Byju Raveendran or Byju's? Below are the problems Byju's faced over the years-
How did Byju become India's most valuable startup?
During the COVID, Byju's saw its highest jump in valuation. When entire India was in their home and schools were closed, Byju's became the most trustworthy firm for parents. Parents bought its subscription despite being expensive for their children so that they continue to learn at home. Byju's success during the COVID can be calculated by the fact that it reached a peak valuation of $22 billion in 2022.
