2024-01-12 22:06:35
Many people who have built multi-billion dollar business empires in India have later suffered severe setbacks due to some wrong decisions. One such person is Baiju Ravindran, India’s startup star.
Peak Baiju Ravindran
Baiju Ravindran, who peaked at an unimaginable speed, has now experienced an equally rapid decline. In 2022, the property value of Ravindran and his family was Rs 30,600 crore.
But now his net worth has seen a steep decline to just Rs 833 crore. ByJuice, the largest online education edu-tech company, has achieved a market capitalization of around $22 billion in a very short span of time.
This is Rs 183,000 crore in Indian currency. Hailing from Kerala, Baiju and his wife Divya co-founded an edu-tech company called Baiju’s in 2011.
In 2023, Byjus Company was in a severe economic crisis. The company, which had a market cap of $22 billion at its peak, is now facing a 95 percent loss, falling to just $1 billion in October 2023.
Enforcement Directorate sues Baiju
8290 crores in Indian currency. By December 2023, Baiju was forced to pay his employees by mortgaging his residence and family property.
Also, ByJuice suffered a loss of Rs 310 crore in FY 2020. It increased to Rs 4560 crore in FY2021.
Apart from this, the Enforcement Department is investigating the case against Baiju that there has been an embezzlement of Rs 9362.35 crore in taking a loan of 1.2 billion dollars to run his company.
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