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Byju Raveendran, whose internet value a yr in the past was ₹17,545 crore ($2.1 billion), has hit zero, in response to the Forbes Billionaire Index 2024. The huge slide comes at a time when the edtech entrepreneur is locked in a bitter battle with dissenting buyers.
As soon as high-flying edtech agency, it is a important mark down for the poster baby of India’s startup ecosystem. Noting Byju’s fall from the listing, Forbes stated, “Solely 4 folks from final yr’s listing dropped off this time, together with former edtech star Byju Raveendran, whose agency Byju’s was enveloped in a number of crises and its valuation was marked down by BlackRock to $1 billion, a fraction of its peak $22 billion valuation in 2022.”
Money-strapped Byju’s and its buyers are engaged in a bitter battle over the corporate’s rights difficulty of $200 million in a petition alleging oppression and mismanagement. The 4 buyers — Prosus, Normal Atlantic, Sofina, and Peak XV (previously Sequoia) — had sought a keep on the rights difficulty at lower than 99 per cent enterprise valuation in comparison with Byju’s peak valuation of $22 billion.
The buyers worry the rights difficulty would wipe out the worth of their funding.
Listed here are India’s 10 richest folks in Forbes World’s Billionaires Listing 2024:
Mukesh Ambani — internet value $116 billion
Gautam Adani — internet value $84 billion
Shiva Nadar — internet value $36.9 billion
Savitri Jindal — internet value $33.5 billion
Dilip Shanghvi- internet value $26.7 billion
Cyrus Poonawalla — internet value $21.3 billion
Kushal Pal Singh — internet value $20.9 billion
Kumar Birla — internet value $19.7 billion
Radhakishan Damani — internet value $17.6 billion
Lakshmi Mittal — internet value $16.4 billion
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