Byju’s has been on a roll. During the pandemic, the company grew rapidly, acquired a number of competitors and became the most valuable startup in the country. With this, Byju Raveendran and his family have swelled up their fortunes, making them richer than the families of Rakesh Jhunjhunwala and Anand Mahindra.
According to the IIFL Wealth Hurun India Rich List 2021, Byju Raveendran & family’s wealth is Rs 24,300 crore. Accordingly, they are the 67th richest Indians. The family’s wealth has grown 19 percent this year. Since 2017, Raveendran has climbed 504 ranks, the most by anyone on the list. In comparison, Zoho’s Radha Vembu’s wealth stood at Rs 23,100 crore, Rakesh Jhunjhunwala & family’s at Rs 22,300 crore, Anand Mahindra & family’s at Rs 22,000 crore and Nandan Nilekani & family’s wealth at Rs 20,900 crore, according to the list. All three families saw their wealth grow by a greater percentage during the year.
Byju’s, an ed-tech company, is valued at $16.5 billion. Reports suggest it is in talks with several investors to raise $1-1.5 billion at a valuation of nearly $21 billion. Meanwhile, some bankers are pursuing an IPO for the company, with a projected valuation as high as $50 billion! Byju Raveendra’s wealth will also see massive growth if the company achieves such a valuation. The company has been on growth. The company has been on an acquisition spree in the last one year, funded by VC (venture capitalist) money. Through a cash and stock deal, it acquired Aakash Educational Services in April 2021.
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The company also acquired a digital reading platform for kids located in California for Rs 3,700 crore and Great Learning from Singapore for Rs 4,500 crore. In addition, it has also acquired a number of small startups, consolidating its presence in the Indian education system. Byju’s spent more than Rs 15,000 crore on acquisitions this year , according to an estimate.
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