Bengaluru: On Thursday, Byju Raveendran, founder of edtech giant Byju’s, revealed that his company, once valued at $22 billion, is now worth “zero.”
Raveendran told reporters how the company’s aggressive acquisition strategy, which was driven by investor pressure, backfired once funding dried up in 2022 after Russia invaded Ukraine.
With estimates as high as $50 billion, Byju’s had been in position for a possible public listing.
Investors pushed the startup to enter up to 40 markets, but many left the company when the venture capital market crashed, according to Raveendran.
Also read: Meta Streamlines Operations with Job Cuts in Major Divisions
Byju’s governance problems intensified as the business was unable to attract more money after major supporters Prosus Ventures, Peak XV, and the Chan Zuckerberg Initiative left the board, along with auditor Deloitte.
Once the most valuable company in India, Byju’s has now entered insolvency proceedings after raising over $5 billion.
A TechCrunch report claims that Raveendran is optimistic about the company’s future despite losing control of it, saying, “I have nothing to lose. I grew up in a little village. I gave the startup all I owned.”