Once a $22 billion edtech giant, now ‘worth zero,’ says Byju’s founder

Byju Raveendran, the founder of India’s former edtech titan Byju’s, acknowledged that his company, which once held a staggering valuation of $22 billion, is now “worth zero” as it faces insolvency.

Muscat: Speaking during a video conference from Dubai on Thursday, Raveendran expressed hope for rescuing the company despite its current struggles.

Byju’s, which became a household name during the COVID-19 pandemic by offering online education, expanded rapidly across 21 countries. However, Raveendran admitted that the company’s downfall was due to overestimating growth potential and expanding too quickly. “We overestimated potential growth, entered a lot of markets together. It was a little too much, too soon,” Raveendran said in his first media briefing in 18 months.

The company’s financial troubles surfaced in August when U.S. lenders accused Byju’s of misusing $1 billion in loans, bringing the case to India’s Supreme Court. While denying all allegations of wrongdoing, Raveendran maintained his stance that the company had not engaged in any malpractices. The Supreme Court has yet to make a ruling on the dispute, while Glas Trust, which represents the aggrieved lenders, declined to comment.

Once a darling of global investors, including General Atlantic, Byju’s is now grappling with boardroom exits, delayed financial reports, and a public fallout with its foreign investors. Despite these setbacks, Raveendran remains determined. “Whatever is coming, I will find a way out,” he said

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