Byju Raveendran, founder of the once highly valued ed-tech giant Byju’s, faces a major setback as the company undergoes insolvency proceedings. The company’s valuation has plummeted from USD 22 billion to under USD 2 billion, and Raveendran faces allegations of financial mismanagement and compliance issues. This marks a dramatic fall from grace for the startup billionaire who once soared to success in the education technology sector.
Ed-tech giant Byju’s, founded by Byju Raveendran, has been struggling financially, leading to the founder’s removal from the Forbes Billionaires list and a reduction of his net worth to zero. Previously valued at $22 billion, Byju’s valuation has plummeted to $1 billion. To support employees, Raveendran mortgaged his house to pay salaries. NCLT has directed Byju’s to maintain the status quo regarding an ongoing rights issue. A group of investors, including Prosus and General Atlantic, approached NCLT over the issue. The company claims to have received commitment for a USD 200 million rights issue but has not raised the full amount.
Echo360, a leading SaaS video platform for education, has launched EchoEco as part of its expanded commitment to global sustainability. EchoEco encompasses various initiatives, including climate commitments, sustainability reporting, UN Global Compact engagement, and SDG benchmarking.
