Byju's Faces Insolvency as Founder Admits Company Is 'Worth Zero'

Byju Raveendran acknowledges missteps and expresses willingness to repay lenders amid legal battles and financial turmoil.

Byju's, once valued at $22 billion, is undergoing insolvency proceedings after lenders claimed $1.5 billion in dues.
Founder Byju Raveendran admits to overestimating growth potential and aggressive expansion, which led to financial distress.
Key investors, including Prosus Ventures and Peak XV, exited the board, citing governance issues, complicating fundraising efforts.
Byju's legal challenges include a Supreme Court case initiated by US lenders over alleged misuse of borrowed funds.
Raveendran remains hopeful for a turnaround, emphasizing his commitment to repaying lenders and reviving the business.