New Delhi: Byju Raveendran, founder and CEO of the troubled edtech company Byju’s, did not find a place in the Hurun India rich list of 2023 on the back of a series of investor markdowns.
The development comes months after investors, including US-based BlackRock and Prosus, drastically reduced the firm’s valuation.
In last year’s list, Raveendran’s personal wealth was estimated at $3.3 billion.
The largest non-founder shareholder of Byju’s, Prosus, reduced the value of its stake in the edtech company in June this year.
According to Prosus, the value of its 9.6 per cent stake in Byju’s was lowered to approximately $493 million in the financial year ending March of this year, indicating a decreased valuation of $5.1 billion.
Investment management firm BlackRock cut the valuation of the edtech firm by around 62 per cent.
Additionally, members of Prosus, Peak XV Partners, and the Chan Zuckerberg Initiative resigned from Byju’s board of directors.
Meanwhile, two profitable and bootstrapped Indian startups, Zoho and Zerodha, were included in the 2023 list.
With a net worth of Rs 36,000 crore, Radha Vembu, the product manager of Zoho Mail and the owner of a majority stake in Zoho Corporation, the company where her brother Sridhar Vembu serves as CEO, came in at position 40 on the list.
Following her closely were the Zerodha founders — Nithin Kamath and Nikhil Kamath, who were ranked 42 and 81, respectively, with net worths of Rs 35,300 crore and Rs 23,100 crore.
Kaivalya Vohra, co-founder of Zepto, who is 20 years old, was the youngest one on the list.
–IANS
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