Byju's Founders Byju Raveendran and wife Divya Gokulnath have dropped out of marquee rich lists, after their edtech giant saw drastic valuation markdowns over the past year.
The duo are among the dropoffs from the Hurun India Rich List 2023, as well as the Forbes List of India's Richest 100.
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"Notable among the eight drop-offs are edtech couple Byju and Divya Gokulnath, whose firm Byju's saw its valuation marked down drastically, amid myriad challenges," Forbes said in a press release.
Hurun, too, said Byju Raveendran's exit from the list came on the back of "investor markdowns."
Byju's valuation has come under the scanner as the edtech failed to successfully integrate several acquisitions it made, during the funding boom in 2021. Its performance also didn't grow as expected, driven by a marked slowdown in business momentum, as Covid-related tailwinds dissipated.
Investors such as Baron Capital, Prosus and Blackrock Inc., have all slashed Byju's fair value over the past year, owing to the various headwinds it faced, such as searches by the Enforcement Directorate, a legal battle with lenders over repayment terms, layoffs, delayed financial results, and funding stuck in limbo.
The startup that was once valued at $22 billion, was pegged at $8.4 billion at Blackrock in May, $13.2 billion by Baron Capital in June and around $5 billion by Prosus.
The company is expected to file its much-delayed FY22 earnings in the coming days. In FY21, Byju's reported a thirteenfold rise in loss at Rs 4,564.4 crore. Its revenue of Rs 2,430 crore was slightly lower, compared to the previous year.
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