Cash-strapped Byju’s and its investors are engaged in a bitter battle over the company’s rights issue of $200 million in a petition alleging oppression and mismanagement.
Byju Raveendran, whose net worth a year ago was ₹17,545 crore ($2.1 billion), has hit zero, according to the Forbes Billionaire Index 2024. The massive slide comes at a time when the edtech entrepreneur is locked in a bitter battle with dissenting investors.
Once high-flying edtech firm, this is a significant mark down for the poster child of India’s startup ecosystem. Noting Byju’s fall from the list, Forbes said, “Only four people from last year’s list dropped off this time, including former edtech star Byju Raveendran, whose firm Byju’s was enveloped in multiple crises and its valuation was marked down by BlackRock to $1 billion, a fraction of its peak $22 billion valuation in 2022.”
Cash-strapped Byju’s and its investors are engaged in a bitter battle over the company’s rights issue of $200 million in a petition alleging oppression and mismanagement. The four investors — Prosus, General Atlantic, Sofina, and Peak XV (formerly Sequoia) — had sought a stay on the rights issue at less than 99 per cent enterprise valuation compared to Byju’s peak valuation of $22 billion.
The investors fear the rights issue would wipe out the value of their investment.
Here are India’s 10 richest people in Forbes World’s Billionaires List 2024:
Mukesh Ambani — net worth $116 billion
Gautam Adani — net worth $84 billion
Shiva Nadar — net worth $36.9 billion
Savitri Jindal — net worth $33.5 billion
Dilip Shanghvi- net worth $26.7 billion
Cyrus Poonawalla — net worth $21.3 billion
Source: https://www.businesstoday.in/latest/corporate/story/from-21-bn-a-year-ago-to-zero-byju-raveendrans-net-worth-plummets-amid-ongoing-crisis-424212-2024-04-03