Get the latest tech news
Byju’s founder says his edtech startup, once worth $22B, is now ‘worth zero’
Byju Raveendran, the founder of the embattled edtech group Byju's, acknowledged on Thursday afternoon that he made mistakes, mistimed the market, and that Byju Raveendran, founder of edtech group Byju's, said his startup, once valued at $22 billion, is now effectively worth "zero."
Raveendran said many of his investors “ran away,” and the departure of three key backers – Prosus Ventures, Peak XV, and Chan Zuckerberg Initiative – from the company’s board last year made it impossible for the startup to raise additional funds. Byju’s has since entered insolvency proceedings, and Raveendran, who no longer controls the company, said: “It’s worth zero. Byju’s, once India’s 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’s IFC among its backers.
Or read this on TechCrunch
