He did, however, soar, building the greatest unicorn in India, which was once valued at $22 billion. He appointed Lionel Messi, one of the greatest football players of all time, as his company’s global brand ambassador.
Both the FIFA World Cup 2022 and the Indian cricket squad were officially funded by him. He is the brand, Byju’s, and his name is Byju Raveendran. His 2011-founded edtech business quickly amassed 1.5 million members and a $1 billion valuation in 2018 after releasing a learning application in 2015.
Source: Telegraph India
He became the virtual learning equivalent of Superman during the Covid epidemic, which prompted a case study at Harvard Business School. There isn’t a more exhilarating experience than Byju’s. In less than three years, the company’s valuation has plummeted 99 percent from $22 billion to $200–225 million, leaving desperate investors clinging to hope for a return on their substantial outlays.
In an attempt to remove Raveendran from his position as CEO and remove his brother and wife from the board, a group of shareholders including Tiger Global and Owl Ventures, along with his investors Prosus, General Atlantic, Sofina, and Peak XV Partners, convened an Extraordinary General Meeting last week.
Source: NDTV
All of this occurred just a few hours after the top four investors petitioned the National Company Law Tribunal’s Bengaluru bench to declare the founding family unsuitable to lead the business. In response, Raveendran asserted that he was still in charge of the struggling company.
In the meantime, the Enforcement Directorate (ED) is looking into claims that Byju’s has violated the Foreign Exchange Management Act to the tune of Rs 9,362.35 crore. Without a doubt, this Icarus soared too near to the sun on deceptive wings. The Byju’s tale is one of extreme avarice, with investors and founders manipulating business plans to raise valuations in the absence of genuine value or income sources.
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