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Byju’s, once India’s most valuable startup, has seen a series of setbacks including alleged accounting irregularities and mismanagement.

Byju’s is set to go down as the most spectacular corporate flameout. Little more than a year ago, India boasted five decacorns, an elite group of only 47 start-ups around the world valued at US$10bn (billion). Of these, the most valuable Indian decacorn was Byju’s.

The annual awards recognize the best in children’s TV and digital media; Disney nabs 20 trophies including three for ‘Marvel's Moon Girl and Devil Dinosaur.’

The group is facing an acute liquidity crunch. Amid mass layoffs and deep losses, the former billionaire founder has sold his homes to pay salaries. Still, Raveendran is not entirely out of options. Byjus could raise funds by selling Epic!, its US-based kids digital reading platform. At home, its physical test-prep business has seen interest from a wealthy Indian investor. In a sale or initial public offering of the unit, the crown jewel of the shrinking empire could fetch more than the nearly $1 billion Byjus had paid for it in 2021.

An excerpt from ‘The Learning Trap: How Byju’s Took Indian Edtech For a Ride,’ by Pradip K Saha.