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.
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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.
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