BUSINESS

Byju Raveendran, the founder of Byju's, once hailed as India's largest startup, has recently declared that his education technology company is now "worth zero." This shocking statement comes as the company faces insolvency and a myriad of financial troubles. Despite these challenges, Raveendran remains hopeful about rescuing the business he built.

Byju's gained immense popularity during the COVID-19 pandemic by providing online education courses. At its peak in 2022, the company's valuation soared to an impressive 22ドル billion. However, the startup has faced significant hurdles in recent months, including demands for unpaid dues and allegations of mismanagement, which the company continues to deny.

During a recent video conference from Dubai, Raveendran candidly acknowledged the company's current predicament, stating, "What valuation are you talking about? It is zero." He admitted that they may have overestimated the potential for growth, explaining, "We entered a lot of markets together. It was a little too much, too soon." This was Raveendran’s first media briefing in 18 months, marking a significant moment for the beleaguered entrepreneur.

Byju's entered into insolvency proceedings after complaints from U.S. lenders to the Supreme Court regarding the misuse of 1ドル billion borrowed by the company. Despite these serious allegations, Raveendran firmly denied any wrongdoing during his briefing.

The financial woes of Byju's have escalated in recent months, with boardroom shake-ups and criticism surrounding delayed financial disclosures adding to the company's troubles. The firm was once a favorite among global investors, backed by reputable firms like General Atlantic, but it has now become a cautionary tale in the startup world.

Raveendran, a mathematics expert who transitioned from teaching to becoming a billionaire entrepreneur, remains determined to navigate the challenges ahead. He concluded his remarks with a sense of resilience, saying, "Whatever is coming, I will find a way out." His commitment to finding solutions underscores his belief that Byju's can still recover from its current crisis.

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