Business

From $2.1 bn a year ago to ZERO, Byju Raveendran’s net worth takes a hit amid ongoing crisis


Byju Raveendran, whose web value a 12 months in the past was ₹17,545 crore ($2.1 billion), has hit zero, in accordance with the Forbes Billionaire Index 2024. The large slide comes at a time when the edtech entrepreneur is locked in a bitter battle with dissenting buyers.

As soon as high-flying edtech agency, it is a important mark down for the poster little one of India’s startup ecosystem. Noting Byju’s fall from the record, Forbes stated, “Solely 4 individuals from final 12 months’s record dropped off this time, together with former edtech star Byju Raveendran, whose agency Byju’s was enveloped in a number of crises and its valuation was marked down by BlackRock to $1 billion, a fraction of its peak $22 billion valuation in 2022.”

Money-strapped Byju’s and its buyers are engaged in a bitter battle over the corporate’s rights situation of $200 million in a petition alleging oppression and mismanagement. The 4 buyers — Prosus, Basic Atlantic, Sofina, and Peak XV (previously Sequoia) — had sought a keep on the rights situation at lower than 99 per cent enterprise valuation in comparison with Byju’s peak valuation of $22 billion.

The buyers worry the rights situation would wipe out the worth of their funding. 

Listed here are India’s 10 richest individuals in Forbes World’s Billionaires Listing 2024: 

Mukesh Ambani — web value $116 billion
Gautam Adani — web value $84 billion
Shiva Nadar — web value $36.9 billion
Savitri Jindal — web value $33.5 billion
Dilip Shanghvi- web value $26.7 billion
Cyrus Poonawalla — web value $21.three billion
Kushal Pal Singh — web value $20.9 billion
Kumar Birla — web value $19.7 billion
Radhakishan Damani — web value $17.6 billion
Lakshmi Mittal — web value $16.four billion



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