Byju's Founder Declares Company Worth Zero After Investor Exodus

• Byju's founder, Raveendran, declared the company's worth as zero after key investors resigned from the board.
• The resignations made it impossible for the edtech firm to raise further funds.
• Raveendran expressed regret over taking the Term Loan B, which he described as the most expensive capital.
• The company is currently undergoing bankruptcy proceedings, with the National Company Law Tribunal initiating insolvency proceedings against Byju's.
• Despite the crisis, Raveendran remains optimistic about a turnaround and insists there has been no fraud within the company.

Source: Economic Times