Apr 03, 2024 12:19 PM IST
Byju Raveendran cofounded learning app Byju’s which was India’s most valuable startup in 2011.
Edtech entrepreneur Byju Raveendran, who was a constant on India’s 100 richest Forbes list, did not feature in the 2024 list as his company struggles amid long overdue financial results, mass exits of board members and other issues. Byju Raveendran cofounded learning app Byju’s which was India’s most valuable startup in 2011.
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Earlier, the company posted its long-delayed results for the fiscal year ending March 2022 which showed a net loss topping $1 billion. Following this, BlackRock slashed its valuation of Byju’s to about $1 billion, down from the $22 billion in 2022. This comes as Byju’s shareholders voted to oust Raveendran as CEO in February.
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The company also laid off more than 500 people this week and may witness more departures due to delayed salary payments for the past three months as a company spokesperson said, “We are in the final stages of a business restructuring exercise announced in October 2023 to simplify operating structures, reduce the cost base, and better cash flow management.”
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Moreover, National Company Law Tribunal (NCLT) placed a plea by the investors to halt the rights issue of Byju’s before the president of the tribunal, Moneycontrol reported.
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The president of NCLT is likely to allocate the case to a third member of the NCLT to hear the interim application again, the report added.
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Ahead of its extraordinary general meeting (EGM) which was conducted last month, Byju Raveendran told dissenting investors who stayed away from the previous month’s $200 million rights issues that they were welcome to participate in it over the next 72 hours.
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