Byju Raveendran Drops Out Of Forbes' 2024 Billionaire List
The billionaires' list didn't feature Raveendran in 2024, after he was ranked #1,434 on the rich list in 2023.
Byju Raveendran has dropped off the Forbes Billionaires' List in 2024 as the value of his eponymous, beleaguered edtech firm plummeted amid crashing financials, soaring losses and a showdown with its own investors.
The billionaires' list didn't feature Raveendran in 2024, after he was ranked #1,434 on the rich list in 2023.
Raveendran's net worth is tied to his stake in Think & Learn Pvt., whose valuation fell 99%, from an all-time high of $22 billion to about $25 million.
The company is in the final stages of a business restructuring exercise announced in October 2023, to scale down and reduce its cost base.
In January, Byju's floated a rights issue to raise $200 million at a pre-money valuation in the range of $20-25 million.
It is also facing at least five insolvency petitions against it in the National Company Law Tribunal, apart from a bitter battle with major investors in Byju's, who have voted to oust Raveendran and reconstitute the board without Raveendran's family.
