4 April – Byju Raveendran, once a billionaire with a net worth of $2.1 billion (₹17,545 crore) a year ago, has seen a dramatic downfall, with his net worth hitting zero, according to the Forbes Billionaire Index 2024. This drastic shift coincides with the edtech entrepreneur’s entanglement in a contentious dispute with dissenting investors.
Formerly a prominent figure in India’s startup landscape, Byju’s decline marks a significant setback for the edtech sector. Forbes, noting Byju’s exclusion from the billionaire list, highlighted the challenges faced by his firm, Byju’s, including a valuation markdown by BlackRock to $1 billion from its peak valuation of $22 billion in 2022.
The ongoing crisis at cash-strapped Byju’s revolves around a contentious $200 million rights issue, challenged by four major investors—Prosus, General Atlantic, Sofina, and Peak XV (formerly Sequoia). These investors have raised concerns about oppression and mismanagement, fearing that the rights issue could erode the value of their investments.
Meanwhile, the Forbes World’s Billionaires List 2024 features India’s wealthiest individuals, led by Mukesh Ambani with a net worth of $116 billion, followed by Gautam Adani with $84 billion and Shiva Nadar with $36.9 billion.