NEW DELHI: Byju’s has been on a dream run. The company has seen its business grow rapidly during the pandemic, acquired a number of its competitors and become the most valuable startup in the country.
With this, the company founder Byju Ravindran and family have also swelled their fortunes, making them richer than the families of Rakesh Jhunjhunwala and Anand Mahindra.
Byju Raveendran & family’s wealth stood at Rs 24,300 crore, according to the IIFL Wealth Hurun India Rich List 2021. This makes them the 67th richest Indians. The wealth of the family has grown 19 per cent 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. Each of three families saw comparatively bigger wealth growth in percentage terms during the year.
Byju’s, the edtech company, is valued at $16.5 billion. Reports have claimed it is in talks with several investors to raise $1-1.5 billion at a valuation of nearly $21 billion. At the same time, some of the bankers are chasing the company for an IPO, with projected valuations as high as $50 billion!
If the company achieves such a valuation, the wealth of the Byju Ravindra family will also see massive growth.
The company has been on an acquisition spree in last one year, funded by VC (venture capitalist) money. In April 2021, it acquired Aakash Educational Services in a Rs 7,300 crore cash and stock deal.
Additionally, it acquired Singapore-based Great Learning for Rs 4,500 crore and a California-based kids digital reading platform for Rs 3,700 crore. Besides, it has also acquired a number of small startups, consolidating its presence in the Indian education system.
As per an estimate, Byju’s spent more than Rs 15,000 crore on acquisitions this year.