CosmicTaco

Byju's Founder Declares Company Worth Zero After Investor Exodus

CosmicTaco · 2024-10-18T08:49:26.864579+05:30

- Byju's founder, Raveendran, declared the company's worth as zero after key investors resigned from the board. - The resignations made it impossible for the edtech firm to raise further funds. - Raveendran expressed regret over taking the Term Loan B, which he described as the most expensive capital. - The company is currently undergoing bankruptcy proceedings, with the National Company Law Tribunal initiating insolvency proceedings against Byju's. - Despite the crisis, Raveendran remains optimistic about a turnaround and insists there has been no fraud within the company. Source: [Economic Times](https://economictimes.indiatimes.com/tech/technology/investors-leaving-board-was-biggest-setback-byjus-now-worth-zero-founder-raveendran-our-bureau/articleshow/114320123.cms)

Byju's founder, Raveendran, declared the company's worth as zero after key investors resigned from the board.
The resignations made it impossible for the edtech firm to raise further funds.
Raveendran expressed regret over taking the Term Loan B, which he described as the most expensive capital.
The company is currently undergoing bankruptcy proceedings, with the National Company Law Tribunal initiating insolvency proceedings against Byju's.
Despite the crisis, Raveendran remains optimistic about a turnaround and insists there has been no fraud within the company.

Source: Economic Times