Worth Zero: Byju's Founder Acknowledges Mistakes Amid Decline of India's Once Top Startup

Byju Raveendran, founder of India's once-leading startup, Byju's, acknowledged that he overestimated the growth potential of his education technology company, which he now claims is "worth zero" as it faces insolvency. Despite this bleak outlook, he remains hopeful for a turnaround.

Byju's, which operates in over 21 countries, gained popularity during the COVID-19 pandemic by offering online education courses, reaching a peak valuation of $22 billion in 2022. However, the company has faced ongoing demands for unpaid dues and allegations of mismanagement, which Raveendran denies.

During a video conference from Dubai late Thursday, Raveendran stated, "The company is worth zero. What valuation are you talking about? It is zero." He reflected on the rapid expansion into multiple markets, admitting, "We overestimated potential growth. It was a little too much, too soon." This was his first media briefing in 18 months.

Byju's entered insolvency after U.S. lenders raised concerns with the Indian Supreme Court in August regarding the misuse of $1 billion that the company borrowed. Raveendran has denied all allegations of wrongdoing. The company, once a favourite among global investors, including General Atlantic, has recently faced numerous challenges, from boardroom exits to criticism over delayed financial disclosures and disputes with foreign investors.

Raveendran, an Indian mathematics prodigy who transitioned from teaching to startup success, expressed determination, stating, "Whatever is coming, I will find a way out."