Byju’s Learning App is not something that needs particular mention. The retention power of the masses when it comes to Byju’s is not just because King Khan advertises it, although it is impressive that a learning app is promoted by King Khan himself. That explains the unique position Byju’s holds in the business domain. This is further corroborated by the fact that Byju Raveendran, the CEO of the company, has made it to the IIFL wealth Hurun India Rich List getting ahead of even the experienced players in the domain like investment guru Rakesh Jhunjhunwala and Rakesh Nilekani. Byju Raveendran and his family, according to the list, has a net worth of a whopping Rs.24,300 crore, a notable 19 percent leap from that of last year.
The Changing Fortunes
The pandemic has definitely had an adverse effect on a large number of businesses, putting a roadblock to their progress and development, with some of them even struggling to keep their head above water or above the raging wave that threatens to drown them all. However, as the saying goes, “Every cloud has a silver lining” and in this particular context of the pandemic, that silver lining was exclusively visible to a countable few. And Byju Raveendran was definitely one of them. With the pandemic fear, putting an end to conventional classrooms, the popularity of online classrooms spiked quite soon. And learning apps like Byju’s gained great popularity. The wealth creation and its commendable pace have placed Mr.Raveendran way above the usual names that comprise the list. Not just that, this notable wealth creation, has also made Raveendran one of the wealthiest people in the nation. Apart from Byju’s, BharatPe has also had a considerable accumulation of wealth and this is reflected from the fact that its founder, Shashvat Nakrani has also made it to the list. Seems almost paradoxical, given that the pandemic is ill-reputed for its power to render everything stagnant. In contrast, here it has set everything in motion that too in lightning speed!
Byju’s now stands at a valuation of $16.5 billion and if the same pace continues, its values will triple in no time. During the past year, the ed-tech company has made a number of acquisitions, the most prominent one being the acquisition of the Aakash learning app. This also implies the growing potential which will soon surpass the boundaries of success and progress. The commendable success has also added to the desirability of the company in the eyes of the investors who are waiting for an IPO!