BYJU슬롯사이트™s Net Worth Is Zero: Founder and CEO Byju Raveendran Says His Edtech Firm Once Valued USD 22 Billion, Now Has 슬롯사이트˜Zero슬롯사이트™ Net Worth
BYJU's founder, Byju Raveendran said that the company was once valued at USD 22 billion and aggressively expanding to several markets and making acquisitions; however its value came down to "zero".
Bengaluru, October 19:슬롯 머신 사이트 추천BYJU's founder, Byju Raveendran, reportedly said that his슬롯 머신 사이트 추천edtech슬롯 머신 사이트 추천company's net worth was once USD 22 billion and is now zero. The statement comes as the company슬롯 머신 사이트 추천has been struggling with its슬롯 머신 사이트 추천business and investors. The슬롯 머신 사이트 추천edtech firm was슬롯 머신 사이트 추천founded in 2011, and since then, it has gained massive슬롯 머신 사이트 추천success, achieving a net worth of슬롯 머신 사이트 추천billions. However, a슬롯 머신 사이트 추천report said that the founder슬롯 머신 사이트 추천overestimated its growth.
TechCrunch슬롯 머신 사이트 추천said in its슬롯 머신 사이트 추천 that Byju Raveendran said to a group of journalists that his startup once had a USD 22 billion valuation and now it had "zero". The founder of BYJU's further explained that his슬롯 머신 사이트 추천company adopted a path of aggressive expansion by acquiring over a two dozen startups in new markets. However, when the funding슬롯 머신 사이트 추천reportedly dried up in 2022, which put the edtech firm into trouble.슬롯 머신 사이트 추천Apple Pay Now Supports 3rd-Party Web Browsers and Computers, Expands Its Buy Now, Pay Later Services; Check Details.
The report said that BYJU was planning to go public in early 2022, with certain investment bankers helping the company achieve a USD 50 billion valuation. However, 100 of its investors urged the company to follow the path of aggressive expansion and reach out슬롯 머신 사이트 추천to over 40 markets. Byju Raveendran said that the same investors슬롯 머신 사이트 추천were슬롯 머신 사이트 추천"cold" when the global market슬롯 머신 사이트 추천tumbled as Russia invaded Ukraine.슬롯 머신 사이트 추천
The global crisis caused by this conflict슬롯 머신 사이트 추천brought the capital market downwards and슬롯 머신 사이트 추천caused many of BYJU's investors to run away. Major슬롯 머신 사이트 추천investors included Prorus Ventures, Peak XV, and the Chan Zuckerberg Initiative. Because of this, it became impossible for the company to raise additional funds.슬롯 머신 사이트 추천TRAI Releases Consultation Paper To Create Regulatory Framework for Ground-Based Broadcasters.
BYJU's had governance issues and later entered into insolvency proceedings. The founder, Byju Raveendran, said, "It's worth zero. What valuation are you talking about?" BYJU's슬롯 머신 사이트 추천was once considered one of the leading슬롯 머신 사이트 추천edtech companies in the Indian market. It made a name for itself for슬롯 머신 사이트 추천adopting a holistic educational approach, offering various ways to teach the students. However, due to the struggles, the company has suffered a lot, coming down to "zero".
(The above story first appeared on LatestLY on Oct 19, 2024 10:37 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).