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Byju Raveendran , the father of the embattle edtech group Byju ’s , acknowledged on Thursday afternoon that he made mistakes , mistime the market place , overestimated growth potential , and that his startup , oncevalued at $ 22 billion , is now effectively deserving “ zero . ”
mouth to a group of journalists , Raveendran allege the company ’s aggressiveacquisition of more than two dozen startupsto expand into new market raise fatal when financing dried up in 2022 . Byju ’s was planning to go public in early 2022 with several investment bankersgiving the unbendable valuation as gamy as $ 50 billion , TechCrunch report sooner .
He alleged that many of his more than 100 investor had barrack him to quest for aggressive enlargement into as many as 40 markets . But , he added , those very investor perplex inhuman fundament when globular mart tumble following Russia ’s intrusion of Ukraine , transport the speculation capital market into a downward whorl .
Raveendran said many of his investors “ ran off , ” and the expiration of three central backers — Prosus Ventures , Peak XV , and Chan Zuckerberg Initiative — from the company ’s add-in last class made it impossible for the inauguration to raise extra funds .
example of the aforementioned three firms as well as listener Deloitteleft the inauguration ’s display board last year , cite governance issue .
Byju ’s has sinceentered insolvency legal proceeding , and Raveendran , who no longer controls the company , tell : “ It ’s deserving zero . What rating are you talking about ? It ’s worth zero . ”
Byju ’s , once India ’s most worthful inauguration , counts BlackRock , UBS , Lightspeed , QIA , Bond , Silver Lake , Sofina , Verlinvest , Tencent , Canada Pension Plan Investment Board , General Atlantic , Tiger Global , Owl Ventures , and World Bank ’s IFC among its backers . It has raised more than $ 5 billion to engagement .
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Raveendran said he remains bright that his inauguration will make a riposte . “ I have nothing to lose . I came from a small small town . I invest everything I had into the startup . ”
