Byju's Worth Is Zero, But Not Going To Give Up, Says CEO.

Byju Raveendran, the founder of Byju’s recently admitted that his company’s net worth is zero, facing bankruptcy cases in India and the US, along with a Supreme Court ruling against him.

Many thought he was giving up. However, Raveendran clarifies that he was just facing reality, not surrendering as he spoke to The Hindu. 

Byju Raveendran reminisced about Byju’s early success which was launched in 2015 “Byju’s, the learning app that revolutionised education that has achieved record downloads.

The company grew from a small Bengaluru tutoring firm to a global education giant that has served primary students to professionals with investor support.

“We went from bootstrapped beginnings to $200 million in revenue by 2020, while remaining profitable,” Raveendran proudly spoke to The Hindu. He said that many of the investors made profits and exited, while others eagerly invested in the company.

Despite current challenges, he said that his commitment is his life’s mission, making quality education accessible for all and affirmed that Byju’s journey is far from over.

It was in a recent press conference that he talked about the company’s worth, which was effectively plummeted to zero.

Also, read| Byju Raveendran Finally Broke Silence, Explains Missing $533 Million Amid Fraud Allegations

It was said that the simultaneous resignation of key investors Prosus, Peak XV Partners and the Chan Zuckerberg Initiative from its board in 2023 significantly exacerbated the company’s struggles.

In that press meet, Byju Raveendran acknowledged that the company made mistakes including getting carried away with growth initiatives driven by investors and that most acquisitions were initiated by investors who now distance themselves from the company’s challenges and also talked about the disappearance of $533 million in lender funds.

He had claimed that the money was used for legitimate business purposes contradicting lenders’ allegations of fraud. He currently combats cases linked to this and another bankruptcy case as well.

However, facing all these challenges and kerfuffles he is not ready to give up or halt his journey as he assures his comeback in The Hindu’s recent report.

Also, read| Byju’s Worth Is Now Zero: What Went Wrong For India’s Ed-Tech Pioneer?