Byju's Enters Insolvency Proceedings Amid Financial Crisis

Byju Raveendran, founder of Byju's, has revealed that the once $22 billion edtech giant is now valued at zero, following a series of missteps and an aggressive acquisition strategy that backfired amid a downturn in global markets. Key investors, including Prosus, Peak XV Partners, and the Chan Zuckerberg Initiative, withdrew from the board due to governance issues, crippling the company's ability to raise necessary funds. Raveendran acknowledges that many of his investors abandoned ship when market conditions worsened, leaving Byju's in insolvency proceedings and unable to meet debt obligations. Despite the grim outlook, he remains hopeful for a comeback, asserting that he continues to invest in the company. Critics have lambasted Raveendran on social media for blaming external factors rather than taking responsibility for the company's collapse. Byju's situation exemplifies the volatile nature of startups, where rapid growth can lead to dramatic downfalls.