BYJU’s net worth fall from $2.1 billion to zero: How did it happened?

[noizyvegan]

Start-up enthusiasts are keen in knowing how can BYJU’s net worth zero be reality? A company which was once listed having a net worth of ~INR 17,545 crore ($2.1 billion), has seen significant challenges over past couple years. How did it happened? Read full article:

Link: https://newsblare.com/startups/byjus-net-worth-fall-from-2-1-billion-to-zero/

 

[cooluel]

@noizyvegan

how did it happen?

Fraud. Massive amounts of fraud.

 

[actually]

@noizyvegan Too big to fail god complex is what happened. Im wondering how many other shady startups are going to go the Byjus way.

 

[eadillard123]

@actually This. One of the folks I have worked with imagined the same lie, grow, grow, grow at all cost and apparently magically the company would survive. No.

This probably is true if you are GE. This is not true even if you are Motorola or Nokia.

Wishful thinking at best.

 

[godgirl13]

@eadillard123 What’s GE?

 

[eadillard123]

@godgirl13 https://en.wikipedia.org/wiki/General_Electric

 

[godgirl13]

@eadillard123 I doubt any company can be infallible.

Even British empire collapsed. Hard to beat that.

 

[chisel]

@noizyvegan Reason -

Absolute 0 respect to
- employees
- customers

 

[annmarkerls]

@chisel There is video editor in my company who worked for Byjus for 4 years before leaving, He told me that there is a huge financial mismanagement by the company. He told me he used to travel from Bangalore to Delhi to shoot ads, He used to get breakfast allowance of 5000/- rupees and this is just tip of the iceberg, There are other stories he told me which blew my mind. Like the time when employees used to have access to concerning amount of customers bank account details

One of the reasons why international investors decided to pull the plug. Imagine this, byjus have reputation of misselling even before COVID-19, Famous investors like Chan zukerburg initiative did not have probelm before, But suddenly out of thin air these investors started devaluing the company. These investors pointed out that byjus have been misleading people to sell course and that's the reason they are pulling out. The real reason was, Byju Ravindran had his entire family sitting in the board, strategic decisions are taken by people who don't know how to run a business (aka his family in the board).

This is where investors got really pissed offf.

.

 

[jasonm]

@chisel Byjus is kejriwal of startups.

 

[jesusforall]

@jasonm Byjus is Jay Shah of start ups

 

[jasonm]

@jesusforall Ha even fitting

 

[willmore]

@noizyvegan Meanwhile a guy in the comment section inserts detailed links which tells us where all the money really is

 

[andrewl316]

@noizyvegan Their courses offer nothing of value. Their marketing strategy is to guilt trip the parents.

 

[banglangtim20]

@noizyvegan I feel bad for the people working there

 

[newlightseven]

@banglangtim20 Not many left. And anyone left- not for too long.

 

[snowden713]

@banglangtim20 Why ? They are the ones making lies and proudly claim on the WhatsApp groups about the amount they loot from public

 

[ashleyyyy]

@noizyvegan Their operational costs (or let just say costs overall) went just too high to be offset by the amount of revenue. This can be offset by an injection of funding but that is also debt... Will eventually have to return it.... They had revenue... They probably still do but all of that goes in the bin of payments.... That is why they are downsizing and what not

 

[gospel4asia]

@noizyvegan The man did the impossible

 

[maryannobryandysart]

@noizyvegan What do you mean by 'how it happended?'. C'mon. These people were running an outright fraud enterprise. That's what.