A year ago, Byju Raveendran’s net worth was Rs 17,545 crore. Today is…

Byju Raveendran made the Forbes billionaire list last year. (document)

New Delhi:

A year ago, Byju Raveendran had a net worth of Rs 17,545 crore ($2.1 billion) and was listed on several prestigious “global richest” lists. However, according to the recently released Forbes Billionaires Index 2024, Mr Ravindran’s net worth has dropped to zero.

This sharp decline comes in the wake of multiple crises that have rocked the once-highlighted startup and marks a notable fall from grace as the model for India’s startup ecosystem.

Noting Byju’s fall from the list, Forbes said, “Only four people fell from last year’s list, including former edtech star Byju Raveendran, whose company Byju’s was mired in multiple crises and whose valuation was downgraded by BlackRock. $1 billion is a fraction of the peak valuation of $22 billion in 2022.”

Founded in 2011, Byju’s quickly became India’s most valuable startup, with a peak valuation of $22 billion in 2022. Raveendran’s brainchild has revolutionized the education industry through its innovative learning applications catering to the needs of primary school students to MBA students. However, recent financial disclosures and growing controversy have dealt a serious blow to the company’s fortunes.

When Byju’s released its long-delayed results for the fiscal year ending in March 2022, the company’s woes were laid bare, with a staggering net loss of more than $1 billion. This dismal financial performance led major investor BlackRock to slash Byju’s valuation to a mere $1 billion, a sharp decline from its peak valuation.

Byju Raveendran has faced heavy criticism over the company’s declining fortunes. The company’s shareholders, including Prosus NV and Peak XV Partners, last month voted to oust Mr Raveendran as chief executive, escalating a battle over the fate of the once-ambitious online tutoring startup that is now struggling to stay in business.

Byju’s foreign investments have also come under scrutiny from the Enforcement Directorate. Prior to issuing a lookout notice against its founder, the education ministry issued a show-cause notice to Byju’s parent company Think & Learn for alleged violations of the Foreign Exchange Management Act worth over Rs 9,362 crore.