A drop of Rs 29,770 crore in total assets in one year. Baiju Ravindran, the founder of Baijuz learning app, became an entrepreneur who faced the biggest decline in assets in the world this year. Baiju Ravindranera, a Malayalee, was the story of an ordinary maths teacher who gained worldwide attention with his idea of an edtech company. Byjus wrote a shining chapter in the history of India’s unicorn startups. But then he lost his footing. With the Corona period making online education a necessity, the competition among edtech companies has also tightened. Later, the news of Byjus’s financial crisis also came out.
But Baiju Ravindran faced the biggest decline in the Indian business circle last year. Last year, Baiju Ravindran’s net worth, including family members, was Rs 30,600 crore, and now his net worth is Rs 833 crore. A terrifying backlash.
Baiju Ravindran founded Baijus, an online education platform, in 2011. In 2022, the value of the firm was around Rs 1,83,000 crore. But now it is valued at Rs 25,000 crore with a loss of over $1900 crore.
ByJuice’s losses and the debt burden in the US have been discussed a lot in the last few months. In FY2020, Baiju Ravindranera’s company’s net loss rose from Rs 310 crore to Rs 4,560 crore in FY21. The latest setback came from Process, a European investment firm that has a stake in the company. Shares in Think and Learn are falling in value. .
Baiju Ravindran’s firm is now valued at $3 billion. That means the company’s value has fallen by 86 percent over the past 16 months. This means that the value of Baiju Ravindran’s 18 percent stake in the company has now come down sharply.
Baiju and his wife Divya Gokulnath started a company called Think and Learn Private Limited. Baiju Ravindran is the son of two teachers from Kerala. Graduated in Engineering from Government College of Engineering, Kannur. Having passed the CAT competitive exam twice gave me the confidence to start the coaching center. The entrepreneur’s journey started in 2007 when he quit his job and started Cat Coaching Center. But the edtech platform that was established later changed the direction of the business. ByJuice has become one of the most valuable online education platforms in the world. But, later this supremacy could not be maintained and was undermined. Huge loan arrears from international institutions took a hit. The legal battle over the loan of 120 crores and the ED raid all put Baijus in more trouble last year.
But there were recent reports that Manipal Group chief Ranjan Pai had come forward to settle Byjus’s US debt by investing in Akasha Coaching Centre, which was acquired by Byjus. Baijuravindran recently openly said that he learned from the business failure as a lifelong lesson and will move forward. In any case, the new year is also crucial for Byjus.