Ever wonder how a teacher became a billionaire? That's the BYJU'S story, as told by Inc42's Bismah Malik. Buckle up, it's quite a ride.
Back in 2010, Byju Raveendran was teaching in stadiums. Yes, stadiums. He was that good. Fast forward to 2020, and he's running a $22 billion company. How? Let's dive in.
It all started when two big-name investors noticed Byju in 2013. Money started pouring in. By 2019, BYJU'S had 50,000 employees and offices around the world. Byju was on magazine covers. He was the guy everyone wanted to be.
But here's where it gets juicy. Byju had a simple way of dealing with problems: throw money at them. Competition taking your students? "Buy them all," he'd say. And boy, did they buy. 17 companies in five years!
BYJU'S wasn't just selling courses. They were selling dreams. They hired an army of salespeople to convince parents their kids needed BYJU'S. Some parents even took out loans without realizing it. Yikes.
And the spending didn't stop there. Indian cricket team sponsor? Check. FIFA World Cup sponsor? Double check. Lionel Messi as brand ambassador? Why not! But here's the kicker: they announced the Messi deal right after laying off 2,500 people. Talk about bad timing.
When COVID hit, it seemed like BYJU'S had struck gold. Everyone wanted online classes. But it didn't last. Soon, parents were asking questions. Where's the quality? Where's our money? Even the government started asking questions.
Today, BYJU'S is in trouble. They've let go of most of their staff. They're closing offices. The company that once threw money around can't even pay salaries now.
But Byju isn't giving up. He's put in his own money - a whopping ₹7,500 crore. He's promising a comeback with fancy AI tech. Will it work? Only time will tell.
So what can we learn from all this? Maybe that growing too fast can be dangerous. Maybe that selling dreams is risky business. Or maybe that what goes up, must come down.
One thing's for sure: the BYJU'S story is far from over. And whatever happens next, it'll be one for the history books.
Want the full scoop? Check out the in-depth article on Inc42. It's a must-read for anyone interested in the wild world of startups – https://inc42.com/features/byjus-an-empire-that-was/
It’s not his own money, it’s swindled off from investors and owed to employees.
I hear tales about how at their peak, BYJU's used to deal with investors. They would not share financials. If you wanted to invest, they'd ask you to come down to office, and only for that time, see whatever you want to see.
Investors...
Apart from unethical sales practices, toxic work culture and mindless accusations, what do you think went wring with Byju’s.
