Byju Raveendran, the founder of what was once India’s biggest start-up, Byju’s, said he overestimated the growth potential of his education-technology company which is now “worth zero” as it faces insolvency, but remains hopeful of rescuing it.
Byju’s, which operates in more than 21 countries, became popular during the COVID-19 pandemic by offering online education courses. Its valuation shot up to $22 billion in 2022, but Byju’s has for months faced demands for unpaid dues and allegations of mismanagement, which it denies.
“The company is worth zero. What valuation are you talking about? It is zero,” Mr Raveendran said during an interaction with reporters via video conferencing from Dubai late on Thursday.
“We overestimated potential growth, entered (a) lot of markets together. It was little too much, too soon,” he said in his first media briefing in 18 months.
Byju’s was entered into insolvency after US lenders complained to the Supreme Court in August about misuse of $1 billion borrowed by the company.