Byju Raveendran, the creator of the financially troubled edtech company Byju's, has 0% net worth. Byju's net worth was $ 2.1 billion (about ₹ 17,545 crore) a year ago, on April 4, 2023. This data is taken from Forbes' 2024 Billionaire Index.
The article states that although Byju was included as one of the Forbes Billionaires last year, four individuals—including Raveendran—were left off of the list this time.
BlackRock recently lowered Byju's valuation to $1 billion as well. In 2022, its greatest valuation was $22 billion.
Byjus fires staff members directly over the phone.
Employee layoffs have been occurring at Byjus for the past few months. These days, terminations for employees happen even over the phone. As per the Moneycontrol report, Byju's financial situation is so dire that the company is not even providing its employees a chance to serve their notice period or reviewing their work. Employees are being fired by the corporation based only on phone calls.
Claim made by the company: This completes the business's restructuring.
Moneycontrol has received confirmation on layoffs at Byju from a spokeswoman. "We are in the final phase of business restructuring," the representative stated. Restructuring was initiated by the corporation in October 2023 in order to lower its expenses. We are going through a really tough time right now because of legal issues, and every employee of the organization is going through the same thing.
Initially, Raveendran worked as a math instructor.
Byju Raveendran began his professional life as a math instructor. When he established Byju's in 2011, it grew to be the fastest-growing startup. The business had stated that it will be valued at $22 billion, or roughly Rs 1.84 lakh crore, in 2022. BYJU'S offers tutoring to kids in elementary school through MBA program.
