Byju Raveendran, founder of edtech giant Byju’s, admitted Thursday that his company, once valued at $22 billion, is now effectively worth “zero.”
Speaking to journalists, Raveendran outlined how the company’s aggressive acquisition strategy—fueled by investor pressure—backfired when financing dried up in 2022, following Russia’s invasion of Ukraine.
Byju’s had been poised for a potential public listing with valuations as high as $50 billion.
Raveendran said investors pushed the startup to expand into as many as 40 markets but abandoned the firm when the venture capital market faltered.
The exit of key backers—Prosus Ventures, Peak XV, and the Chan Zuckerberg Initiative—from Byju’s board, along with auditor Deloitte, compounded governance issues and left the company unable to raise additional funds.
Byju’s, which raised over $5 billion and was once India’s most valuable startup, has now entered insolvency proceedings.
According to a TechCrunch report, despite losing control of the company, Raveendran remains hopeful about its future, stating, “I have nothing to lose. I came from a small village. I invested everything I had into the startup.”
