No place for Byju Raveendran in latest Hurun India Rich List 2023 after recent rout

Earlier this month, Byju's announced that they have set the target to become profitable by March 2024 on account of consolidation and restructuring of the organisation and settlement on USD 1.2 billion loan

Edited By Sayantani Biswas
Updated10 Oct 2023, 03:22 PM IST
Byju Raveendran, founder & CEO of Byju's
Byju Raveendran, founder & CEO of Byju’s

Byju Raveendran of ed-tech platform Byju's exited the list of the richest individuals, according to Hurun India Rich List 2023. The exit was cited to investor markdowns that Byju's incurred. Once favourite of India's start-up ecosystem, and edtech evolution does not feature in the richest individual list for India anymore. 

Reliance Industries' Mukesh Ambani has reclaimed the title of the richest Indian, surpassing Gautam Adani, as per Hurun India Rich List 2023.

Hurun's list comes only days after it was reported that online higher education platform Great Learning is looking to to buy back the company from Byju's.

On 22 June, three investors—Prosus, Peak XV and Chan Zuckerberg Initiative—confirmed their resignations from Byju's. 

From 2022, the edtech giant has been hit by a funding crunch, a decline in valuation (in May, investment firm BlackRock cut its valuation to $8.4 billion from $22 billion achieved in March 2022. 

"Exciting news! Mint is now on WhatsApp Channels 🚀 Subscribe today by clicking the link and stay updated with the latest financial insights!" Click here!

Further Prosus valued it at $5.1 billion in June, governance issues, low demand as schools reopened after the pandemic, and accusations of aggressive sales practices have plagued the ed-tech platform.

Byju's booked a loss of 4,588 crore for fiscal year ended March 31, 2021, 19 times more than the preceding fiscal.

The losses in the 2020-21 fiscal widened from 231.69 crore in 2019-20. Revenues during FY21 dropped to 2,428 crore from 2,511 crore in FY20. But in the fiscal ending March 31, 2022, the company had announced increase of revenue by four-fold to 10,000 crore. However, it did not reveal profit or loss numbers for that year.

Earlier this month, Byju's announced that they have set the target to become profitable by March 2024 on account of consolidation and restructuring of the organisation and settlement on USD 1.2 billion loan, news agency PTI had reported. 

Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.MoreLess
First Published:10 Oct 2023, 03:22 PM IST
HomeCompaniesPeopleNo place for Byju Raveendran in latest Hurun India Rich List 2023 after recent rout

Most Active Stocks

Bharat Electronics

315.15
01:39 PM | 18 JUL 2024
-11.2 (-3.43%)

Zee Entertainment Enterprises

143.50
01:39 PM | 18 JUL 2024
-11.95 (-7.69%)

Oil & Natural Gas Corporation

328.80
01:39 PM | 18 JUL 2024
6.4 (1.99%)

Tata Steel

165.30
01:39 PM | 18 JUL 2024
-1.75 (-1.05%)
More Active Stocks

Market Snapshot

  • Top Gainers
  • Top Losers
  • 52 Week High

India Cements

343.20
01:32 PM | 18 JUL 2024
20.15 (6.24%)

IDBI Bank

92.78
01:33 PM | 18 JUL 2024
4.86 (5.53%)

Sundram Fasteners

1,447.00
01:32 PM | 18 JUL 2024
66 (4.78%)

Endurance Technologies

2,687.45
01:31 PM | 18 JUL 2024
110.85 (4.3%)
More from Top Gainers

Recommended For You

    More Recommendations

    Gold Prices

    • 24K
    • 22K
    Bangalore
    75,099.00-147.00
    Chennai
    74,659.00-440.00
    Delhi
    74,512.00-294.00
    Kolkata
    75,539.0073.00

    Fuel Price

    • Petrol
    • Diesel
    Bangalore
    102.86/L0.00
    Chennai
    100.76/L0.00
    Kolkata
    104.95/L0.00
    New Delhi
    94.72/L0.00
    OPEN IN APP
    HomeMarketsCibilPremiumMint Shorts