Byju's, Once Valued at $22 Billion is Now Worth Zero, says Founder
19 Oct 2024 7:10 AM GMT
Byju's Founder Byju Raveendran. (File Photo)
Byju Raveendran, founder of ed-tech platform Byju's, said that the startup which was once valued at $22 billion is now worth "Zero".
He said, “It’s worth zero. What valuation are you talking about? It’s worth zero.”
According to TechCrunch, Raveendran, in a statement to a group of journalists, said the company's expansion proved fatal as it acquired more than 24 startups that led to the crisis in 2022.
The ed-tech founder revealed that with many bankers giving the company valuation of nearly $50 billion, Byju's was planning to go public in early 2022.
Byju Raveendran claimed that over 100 investors suggested him to expand into 40 markets but later bowed out after the global markets crashed after Russia's invasion of Ukraine.
Raveendran said that three key backers - Prosus Ventures, Peak XV and Chan Zuckerberg Initiative - “ran away” from the company’s board last year, making it impossible for the startup to raise additional funds.
The ed-tech founder said that he remains hopeful that Byju's will make a comeback.
( Source : Deccan Chronicle )
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