Byju Raveendran’s net worth was $2.1 billion last year, and as of now, it has plummeted to a staggering zero as per Forbes Billionaire Index 2024.
This dreadful fall comes after numerous disasters gripped his once roaring educational institute, Byju, which had earned him a name in several of world’s richest lists around the globe.
Forbes’ ranking track mentioned, “Only four people from last year’s list dropped off this time, including former edtech star Byju Raveendran, whose firm was enveloped in multiple crises.”
“Its valuation was marked down by BlackRock to $1 billion, a fraction of its peak $22 billion valuation in 2022,” it continued.
After being established in 2011, the company had quickly climbed up to become India’s top-most startup with a leading valuation of $22 billion in 2022.
Now facing a great deal of financial disclosures along with an unending height of controversies, its fortunes have been struck by a thunderous blow.
These problems were exposed when Byju had finally announced its long-delayed report for the fiscal year, ending March 2022, that pointed out a net loss of over $1 billion.
Raveendran has been subjected to fierce criticism since his starting days.
Mostly, it was for running a scam organization, which was promoted by creating false advertisements with the help of superstar Shah Rukh Khan, who has been found guilty in many court cases for the same.
Disapproval however has been in full swing since Byju’s wealth declined.
The ED has also issued notices to its parent firm, Think & Learn, for violations that estimate over 9,362 crore INR under Foreign Exchange Management Act.
