Byju Raveendran, founder of India’s leading eduTech company Byju’s, has now a net worth of zero according to the Forbes Billionaire Index 2024. He was earlier listed with a net worth of ₹17,545 crore. Once a shining star in the business world is now in dust.
This sudden decline follows a series of incidents that impacted his company badly. Byju’s valuation was marked down to $1 billion by BlackRock recently.
According to Forbes’ Billionaires 2024 list revealed that there are 2,781 billionaires in the world with a combined net worth of $14.2 trillion.
Byju’s was founded back in 2011 and grew really fast. The company had a peak valuation of $22 billion in 2022. However, recent financial blunders and controversies have affected the company badly. The company is struggling to pay salaries and Raveendran pledged his home to pay salaries.
Byju Raveendran is also facing criticism for the declining fortunes of his company. Shareholders wanted to vote out Raveendran as CEO. The company has also drawn the attention of the Enforcement Directorate for its foreign investments. The company reclined novices from ED for FEMA violations.
