In a stunning revelation, Byju's founder Byju Raveendran has acknowledged that his once-promising edtech startup is now effectively worthless. Speaking to journalists, Raveendran admitted to a series of missteps that led to the company's downfall.

Once valued at a staggering $22 billion, Byju's had ambitious plans to expand into new markets through a series of acquisitions. However, the global economic downturn and a drying up of venture capital funding proved to be fatal for the company. Raveendran revealed that investors had urged him to pursue aggressive growth, but when the market turned sour, many of them "ran away."

The departure of key investors and governance issues led to Byju's entry into insolvency proceedings. Raveendran, who no longer controls the company, bluntly stated, "It's worth zero. What valuation are you talking about? It's worth zero."

Byju's, which once held the title of India's most valuable startup, had attracted significant investments from prominent firms like BlackRock, UBS, Lightspeed, and Tencent. Despite raising over $5 billion, the company's rapid expansion and subsequent challenges have resulted in a dramatic decline.

Raveendran, however, remains optimistic about the future. He expressed his determination to see Byju's make a comeback, stating, "I have nothing to lose. I came from a small village. I invested everything I had into the startup."

The collapse of Byju's serves as a stark reminder of the risks and uncertainties associated with the startup ecosystem. As the edtech industry continues to evolve, the lessons learned from Byju's downfall will likely shape the strategies of future entrepreneurs and investors.