An anonymous reader shares a report: Byju Raveendran, the founder of the embattled edtech group Byju's, acknowledged on Thursday afternoon that he made mistakes, mistimed the market, overestimated growth potential and that his startup, once valued at $22 billion, is now effectively worth "zero."
Speaking to a group of journalists, Raveendran said the company's aggressive acquisition of more than two dozen startups to expand into new markets proved fatal when financing dried up in 2022. Byju's was planning to go public in early 2022 with several investment bankers giving the firm valuation as high as $50 billion, TechCrunch reported earlier.
He alleged that many of his more than 100 investors had urged him to pursue aggressive expansion into as many as 40 markets. But, he added, those very investors got cold feet when global markets tumbled following Russia's invasion of Ukraine, sending the venture capital market into a downward spiral.

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