Once hailed as the crown jewel of India’s startup ecosystem and the world’s most valuable edtech company, Byju’s – officially Think & Learn Pvt Ltd – has become a cautionary tale of unchecked ambition, aggressive expansion, financial mismanagement, and a cascade of allegations ranging from predatory sales tactics to outright fraud. At its peak in 2022, Byju’s commanded a staggering valuation of $22 billion, backed by marquee investors like General Atlantic, BlackRock, the Chan Zuckerberg Initiative, Prosus, Peak XV Partners (formerly Sequoia India), and Qatar Investment Authority. It boasted over 150 million registered users, sponsorships with the Indian cricket team and Lionel Messi, and a portfolio of high-profile acquisitions worth billions.
Fast-forward to November 2025: The company’s valuation has effectively collapsed to zero, as admitted by founder Byju Raveendran himself in 2024. Its parent entity is mired in insolvency proceedings in India, its US subsidiary Byju’s Alpha is under bankruptcy protection with lenders accusing the founders of hiding hundreds of millions, the Android app was delisted from Google Play due to unpaid bills, and thousands of employees have been laid off amid salary delays.
Byju’s- What began as an inspiring story of a teacher-turned-entrepreneur revolutionizing education has devolved into accusations of one of India’s largest corporate scandals, with probes by the Enforcement Directorate (ED), Serious Fraud Investigation Office (SFIO), US courts, and multiple state-level inquiries.
This comprehensive analysis traces the journey, from humble beginnings to meteoric rise, the aggressive growth that masked deep flaws, the litany of controversies and alleged scams, the explosive November 2025 US court revelations, and the current wreckage.
Who is Byju Raveendran?
Byju Raveendran, born on January 5, 1980, in the coastal village of Azhikode, Kannur district, Kerala, grew up in a modest family of educators. His father, Raveendran, was a physics teacher, and his mother, Shobhanavalli, taught mathematics at a local Malayalam-medium school. Raveendran excelled academically but was equally passionate about sports – cricket, football, table tennis – crediting them for teaching him teamwork and pressure handling.
He pursued engineering (B.Tech in Mechanical Engineering) from a college in Kannur, avoiding medicine despite his parents’ wishes because it left little time for sports. After graduation, he joined a multinational shipping firm in the UK, working as a service engineer. On vacations back home, he casually helped friends prepare for the CAT exam, scoring 100 percentile twice himself without formal preparation.
By 2005, he quit his job to teach full-time. His engaging style of using real-life analogies like pizzas for fractions drew crowds. Classes grew from dozens to thousands, filling stadiums in cities like Delhi and Bengaluru. He married Divya Gokulnath in 2009, one of his early students who later became co-founder. They have two sons.
Raveendran’s net worth once topped $3 billion (shared with family), but by 2025, it has plummeted amid the company’s collapse. He has faced personal guarantees on debts, arbitral awards (e.g., $235 million from Qatar Investment Authority in 2025), and ED lookout notices.
How Byju’s Started and the Founders/Co-Founders
Byju’s began informally in 2007-2008 when Raveendran started recording classes on DVDs and satellite broadcasts, reaching students in 45 cities. In 2011, he formally founded Think & Learn Pvt Ltd with his wife Divya Gokulnath (co-founder and director, handling marketing and content) and brother Riju Raveendran (who managed finances and operations).
The app launched in 2015, focusing on K-12 visualized learning with animated videos. Early funding came from friends/family, then Aarin Capital (2015). Chan Zuckerberg Initiative’s $50 million in 2016 marked its global breakthrough. By 2018, it was a unicorn; by 2020, a decacorn at $10.5+ billion.
Aggressive marketing – Shah Rukh Khan endorsements, cricket sponsorships – and pandemic-driven online shift exploded growth. Acquisitions (over 20, totaling $2.8+ billion) included WhiteHat Jr ($300 million, 2020), Aakash ($1 billion, 2021), Epic ($500 million, 2022), Great Learning ($600 million, 2021).
The Meteoric Rise: From India’s Most Valued Startup…
From 2015-2022, Byju’s epitomized India’s startup boom:
- 2018: $1 billion valuation.
- 2020: $10.5 billion amid COVID demand.
- 2022 peak: $22 billion after $800 million round (Raveendran personally invested $400 million).
- Users: 150+ million registered, 4.5+ million paid.
- Revenue: FY22 reported ~₹5,000 crore (delayed filings showed massive losses).
It positioned itself as democratizing education, offering personalized, engaging content for exams like JEE, NEET, CAT.
…To India’s Biggest Startup Scam Allegation
The fall began in late 2022 when delayed audits revealed FY22 losses of ₹8,245 crore (up 20x from prior year). Investors exited boards (Prosus, Peak XV, Chan Zuckerberg in 2023). Valuation markdowns followed as BlackRock slashed to $1 billion by 2024. Insolvency hit in 2024 over BCCI dues. By 2025, Raveendran admitted “worth zero.”
Critics label it a “scam” due to:
- Aggressive sales: High-pressure tactics targeting lower-middle-class families, EMI loans via shady NBFCs, difficult refunds.
- Overexpansion: $2.8 billion acquisitions without integration/profitability.
- Governance lapses: Delayed filings, opaque finances, related-party deals.
- Alleged fraud: Missing funds, mis-selling, data breaches.
All the Scams, Frauds, Controversies, and Allegations
Byju’s faces a barrage:
- Aggressive/Mis-Selling Tactics: Parents accused of being coerced into ₹1-3 lakh courses via fear-mongering (“your child will fail without us”). Refunds denied post-15-day window. NCPCR summoned Raveendran in 2022 over “malpractices luring parents.” Thousands of consumer complaints; some courts ordered refunds.
- Predatory Loans: Tied-up with NBFCs for EMIs; cancellations didn’t stop deductions. 2025 Mumbai EOW FIR for ₹47 crore fraud involving student loans via Aditya Birla Finance.
- Data Leaks: Multiple incidents – 2021 Salesken.ai leak exposed student/parent data; WhiteHat Jr breaches affected lakhs (not exactly 200,000, but significant).
- State-Level Deals/Scams:
- Andhra Pradesh: Congress alleged ₹1,000 crore scam in MoU for government school content (claimed free but charged ₹778 crore).
- Similar CPI-M allegations in other states for inflated tablet procurements.
- FEMA Violations: ED notice for ₹9,362 crore forex breaches; raids in 2023.
- Employee Exploitation: Toxic culture, forced targets, mass layoffs (thousands in 2022-2024), salary delays.
- Auditor/Investor Issues: Deloitte resigned (2023); Prosus/Peak XV markdowns; shareholder revolt ousted Raveendran temporarily (2024, later stayed).
- Other: Fake investment claims (Oxshott ₹1,200 crore never arrived); BCCI dues led to insolvency.
The Latest Court Finding Against Byju’s (November 2025)
- Path: Alpha → Camshaft Capital (alleged sham) → OCI Ltd (UK) → Revere SPV → Byju’s Global Pte Ltd (Raveendran-owned Singapore entity).
- Evidence: OCI CEO Oliver Chapman’s sworn declaration – only ~$13 million for actual services; rest (~$500+ million) diverted.
- Contradicts Raveendran’s 2024 affidavit claiming no personal benefit.
- Raveendran denies, calls it “conjectures,” promises rebuttal/defamation suits.
Earlier US rulings (2025) found fraudulent transfers to Camshaft (run by a 23-year-old dropout).
Where is Byju Raveendran Now?
As of November 2025, Raveendran is primarily in Dubai, UAE, where he has resided since late 2023/early 2024 amid ED lookout notices and probes. Interviews (e.g., May 2025 ANI) were conducted from Dubai. He vows a “comeback” with “Byju’s 3.0” (AI-focused), rehiring staff, but faces personal liabilities and travel restrictions to India.
