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.
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