{"id":2756,"date":"2024-10-19T12:21:50","date_gmt":"2024-10-19T06:51:50","guid":{"rendered":"https:\/\/www.eqwires.com\/tutorials\/?p=2756"},"modified":"2024-10-19T12:21:52","modified_gmt":"2024-10-19T06:51:52","slug":"byjus-founder-says-his-edtech-startup-once-worth-22b-is-now-worth-zero","status":"publish","type":"post","link":"https:\/\/www.eqwires.com\/tutorials\/byjus-founder-says-his-edtech-startup-once-worth-22b-is-now-worth-zero\/","title":{"rendered":"Byju\u2019s founder says his edtech startup, once worth $22B, is now \u2018worth zero\u2019"},"content":{"rendered":"\n

Byju Raveendran, the founder of the embattled edtech group Byju\u2019s, acknowledged on Thursday afternoon that he made mistakes, mistimed the market, overestimated growth potential, and that his startup, once\u00a0valued at $22 billion, is now effectively worth \u201czero.\u201d<\/p>\n\n\n\n

Speaking to a group of journalists, Raveendran said the company\u2019s aggressive\u00a0acquisition of more than two dozen startups\u00a0to expand into new markets proved fatal when financing dried up in 2022. Byju\u2019s was planning to go public in early 2022 with several investment bankers\u00a0giving the firm valuation as high as $50 billion.<\/p>\n\n\n\n

He alleged that many of his more than 100 investors had urged him to pursue aggressive expansion into as many as 40 markets. But, he added, those very investors got cold feet when global markets tumbled following Russia\u2019s invasion of Ukraine, sending the venture capital market into a downward spiral.<\/p>\n\n\n\n

Raveendran said many of his investors \u201cran away,\u201d and the departure of three key backers \u2014 Prosus Ventures, Peak XV, and Chan Zuckerberg Initiative \u2014 from the company\u2019s board last year made it impossible for the startup to raise additional funds.<\/p>\n\n\n\n

Representatives of the aforementioned three firms as well as auditor Deloitte\u00a0left the startup\u2019s board last year, citing governance issues.<\/p>\n\n\n\n

Byju\u2019s has since\u00a0entered insolvency proceedings, and Raveendran, who no longer controls the company, said: \u201cIt\u2019s worth zero. What valuation are you talking about? It\u2019s worth zero.\u201d<\/p>\n\n\n\n

Byju\u2019s, once India\u2019s most valuable startup, counts BlackRock, UBS, Lightspeed, QIA, Bond, Silver Lake, Sofina, Verlinvest, Tencent, Canada Pension Plan Investment Board, General Atlantic, Tiger Global, Owl Ventures, and World Bank\u2019s IFC among its backers. It has raised more than $5 billion to date.<\/p>\n\n\n\n

Raveendran said he remains hopeful that his startup will make a comeback. \u201cI have nothing to lose. I came from a small village. I invested everything I had into the startup.\u201d<\/p>\n\n\n\n

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<\/p>\n","protected":false},"excerpt":{"rendered":"

Byju Raveendran, the founder of the embattled edtech group Byju\u2019s, acknowledged on Thursday afternoon that he made mistakes, mistimed the market, overestimated growth potential, and that his startup, once\u00a0valued at $22 billion, is now effectively worth \u201czero.\u201d Speaking to a group of journalists, Raveendran said the company\u2019s aggressive\u00a0acquisition of more than two dozen startups\u00a0to expand into new markets proved fatal when financing dried up in 2022. Byju\u2019s was planning to go public in early 2022 … Continue reading “Byju\u2019s founder says his edtech startup, once worth $22B, is now \u2018worth zero\u2019”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":2757,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[201,172,136,138,134,164,217,368,139,140,324,106,272,266,98,72,97,184,73,268,135,137,133,330,104,141,299,161,160,159,74,210,75,158,166,311,228,227,103,254,102,224,257,298,300,101,105,301,165,327,329,76,77,78,79,247,365,308,361,363,215,216,174,80,81,99,218,82,340,339,320,183,168,167,170,251,83,84,85,86,87,108,88,202,155,154,273,89,100,90,91,92,93,94,95,236,255,385,232,231,250,96,3,260,252,248,249,322,107,192,220,360,275,223,156,157,341,246,238,207,177,176,175],"tags":[4,5,267,6,200,7,12,116,19,149,147,173,145,14,118,11,150,153,265,120,9,271,190,191,13,188,18,318,8,185,316,10,17,269,148,151,146,15,331,319,16,122,144,162,23,41,25,24,27,21,194,50,312,229,226,124,33,253,126,225,119,20,258,28,297,49,127,315,121,230,295,125,115,22,113,29,328,333,317,332,334,314,52,123,131,348,366,357,309,310,359,362,354,349,351,364,213,26,182,111,130,31,62,34,30,42,219,57,112,186,169,56,171,64,132,206,59,53,264,128,43,336,242,237,51,110,32,187,35,55,44,270,288,196,47,37,195,45,39,36,40,203,38,143,152,129,142,46,48,63,67,60,61,65,234,71,235,54,256,117,386,233,68,193,241,335,205,261,263,209,262,337,244,66,204,70,109,259,221,291,274,222,163,69,58,342,239,208,114,178,181,179,180,290],"class_list":["post-2756","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-accurate-stock-tips-provider-in-india","category-best-advisory-service-provider-for-beginners","category-best-bank-nifty-future-calls","category-best-bank-nifty-options-tips-provider","category-best-bank-nifty-trading-tips-provider","category-best-equity-advisory-services-in-india","category-best-ethical-investment-advisor-in-india","category-best-financial-advisor-websites-in-india","category-best-index-future-services","category-best-index-options-services","category-best-intraday-advisor-in-india","category-best-intraday-call-provider","category-best-intraday-jackpot-calls","category-best-intraday-research-company","category-best-intraday-tips-for-tomorrow","category-best-intraday-tips-provider-in-india","category-best-intraday-tips-site","category-best-intraday-tips-website-in-india","category-best-investment-advisor-in-india","category-best-jackpot-tips-provider","category-best-nifty-future-calls","category-best-nifty-options-tips-provider","category-best-nifty-trading-tips-provider","category-best-option-trading-telegram-channel","category-best-options-tips-provider-in-india","category-best-options-trading-tips-provider-in-india","category-best-paid-stock-recommendation-sites-india","category-best-performing-pms-in-india","category-best-pms-in-india","category-best-portfolio-management-services-in-india","category-best-sebi-registered-advisory-company","category-best-sebi-registered-investment-advisor","category-best-sebi-registered-investment","category-best-sebi-registered-research-analyst","category-best-sebi-registered-stock-tips-provider","category-best-sebi-registered-telegram-channel","category-best-share-market-advisor-in-india","category-best-share-market-advisory-company-in-india","category-best-share-market-consultants-in-india","category-best-share-market-tips","category-best-share-market-tips-provider-in-india","category-best-share-tips-provider-in-india","category-best-stock-advisor","category-best-stock-advisor-websites-in-india","category-best-stock-advisory-service-in-india","category-best-stock-market-advisory-services-in-india","category-best-stock-market-tips-provider-service","category-best-stock-recommendation-service-in-india","category-best-stock-tips-provider-in-india","category-best-stock-tips-provider-in-telegram","category-best-telegram-channel-for-stock-market-tips-in-india","category-business","category-commodity-market","category-currency","category-equity-market","category-equity-research-analyst","category-eqwires-best-investment-advisor-in-india","category-eqwires-best-sebi-registered-investment-advisor-in-india","category-eqwires-best-stock-advisor-websites-in-india","category-eqwires-most-successful-stock-advisors-in-india","category-ethical-sebi-registered-investment-advisor","category-ethical-sebi-registered-research-analyst","category-fact-about-operator-based-calls","category-fii-based-calls","category-foreign-markets","category-free-intraday-stock-tips-for-tomorrow","category-genuine-intraday-tips-provider","category-genuine-stocks-tips-provider","category-googles-highest-ranking-sebi-registered-research-analyst","category-googles-highest-ranking-sebi-registered-stock-advisory-company","category-high-accuracy-intraday-tips","category-how-can-i-make-profit-in-intraday-trading","category-how-to-earn-profit-from-intraday-trading","category-how-to-invest-in-stock-market","category-how-to-make-profit-in-intraday-trading-in-share-market","category-intraday-tips","category-intraday-trad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