Leader Online Desk: Forbes recently released this year's list of the world's billionaires and their net worth. From this, shocking information has come to light regarding edtech company Byju's. In this, the wealth of Byju's founder Byju Ravindran has fallen to zero. News in this context 'India Today'is given by (Byju's News)
According to Forbes, Byju Ravindran's once-successful edtech company Byju's has been plagued by several crises. This has also affected the wealth of Baiju Ravindran, the founder owner of the company. In the last one year, Ravindran's net worth has dropped to zero. A year ago, Ravindran's net worth was Rs 17,545 crore ($2.1 billion); But now it has disappeared in many challenges of edtech company. (Byju's News)
Only four billionaires were omitted from last year's Forbes list this time around. That includes former edtech tycoon Baiju Ravindran, whose firm Baiju ran into several crises. Its current value is down to $1 billion by BlackRock, a fraction of its peak value of $22 billion in 2022, the Forbes report also explained. (Byju's News)
For the past few days, Byju's has also been facing problems due to foreign investment. A massive search operation is underway by the ED in this case. According to information given by 'NDTV', “A lookout circular has been issued against the Byju founder.” The ED has also issued a show-cause notice to Byju's parent company Think and Learn for alleged violations of Rs 9,362 crore under the Foreign Exchange Management Act.
Byju's startup in edtech in 2011 quickly became the most important platform in India. In the year 2022, the company reached the target of 22 billion dollars. Byju's made radical changes in the education system. The company offers online education to students from primary school to MBA. But recent money transactions and company problems hit Byju's and its founder Byju Ravindran hard.
Byju Raveendran, once celebrated on Forbes' Billionaires list with a net worth of Rs 17,545 crore ($2.1 billion), has seen his fortune plummet to zero, according to the Forbes Billionaire Index 2024.
The dramatic drop comes after a series of crises that hit Byju's, the edtech… pic.twitter.com/ZHdCcgMoTq
— Indian Startup News (@indstartupnews) April 4, 2024
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