Byju Raveendran: From Billionaire to Bankruptcy Battle in India's EdTech Arena

Byju Raveendran, Indian founder of the education tech giant Byju's, faces the biggest challenge of his career. Following financial and compliance issues, the company's valuation plummeted, leading to insolvency proceedings. Raveendran denies allegations of mismanagement. The outcome could affect 27,000 employees and major investors.

Byju Raveendran, an Indian mathematics whiz turned billionaire entrepreneur, now faces the toughest challenge of his career. His education-technology company, Byju's, once valued at $22 billion, has plunged below $2 billion.

Last week, a tribunal initiated insolvency proceedings against Byju's, accusing Raveendran of financial mismanagement and compliance issues. This resulted in him losing control of the firm, now orchestrated by a court-appointed restructuring expert. A hearing is scheduled for Monday to determine whether the insolvency process will continue, a decision with potentially enormous implications for 27,000 employees.

Despite Raveendran's assertions of solvency and denials of wrongdoing, Byju's future hangs in the balance. A history of aggressive expansion and marketing, coupled with slow responses to internal issues, has diminished the company's standing, sending shockwaves through its investors.

(With inputs from agencies.)