Many a time, we keep hearing rags-to-riches stories in random news articles and everywhere. This time, the opposite happened. Who in the country has not heard about Byju’s, the famous online learning platform for students? It was probably one of the first online learning platforms in the country. Unfortunately, its founder, Mr. Byju Raveendran, has been declared bankrupt and is bound to mortgage his house.
Who would have thought that such a huge company would face such tremendous losses? There was a time when superstar Shah Rukh Khan used to be the brand ambassador of Byju’s, appearing in many ads, and now the company is in huge losses. During Covid times, it was one of the biggest helps for the audience alongside its contemporary platform, Unacademy. The company was valued at 22 billion at that time. During lockdown when schools and colleges were closed, it was a great time for them.
But after the lockdown ended and the world began to normalize, these companies started facing problems. While Unacademy survived the tough times with its smart plans, Byju’s couldn’t. It even showed a ray of hope when it collaborated with Aakash, one of the top offline coaching institutes. Eventually, the downfall of Byju’s had to be faced, and now the fate is that Mr. Raveendran has to mortgage his under-construction house in Bangalore.
They have to raise 600-700 crores in order to fund the company’s operations; therefore, his villa worth 100 crores is going under mortgage.
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