jus is worth zero now: Founder ju Raveendran on his once $22 billion edtech giant | Trending

ju Raveendran, the Indian mathematics teacher who founded the prominent ed-tech platform ju’s, has made a startling declaration regarding the company’s financial status. In a recent statement, Raveendran asserted that ju’s, once valued at a staggering $22 billion, now has a net worth of “zero.” He bluntly stated, “It’s worth zero. What valuation are you talking about? It’s worth zero.” ju Raveendran declared ju’s valuation at zero, citing financial crises and investor withdrawals. (Instagram/ju.raveendran) (Also read: ju Raveendran breaks silence after leaving India: ‘Did not run to Dubai, here because…’) Rapid expansion leads to crisisAccording to a report TechCrunch, Raveendran’s remarks were made during an interaction with journals, where he reflected on the rapid expansion and aggressive acquisition strategy that the company undertook. ju’s acquired more than 24 startups in a bid to dominate the ed-tech market, but this expansion has led to a severe financial crisis that emerged in 2022, coinciding with plans for the company to go public. Raveendran highlighted that the company’s investors had encouraged the aggressive expansion into 40 new markets. However, these plans were abruptly halted as the global economy faced turmoil following Russia’s invasion of Ukraine. He lamented that his three main backers—Prosus Ventures, Peak XV, and the Chan Zuckerberg Initiative—“ran away” from the company’s board last year, which made it increasingly difficult to secure additional funding. (Also read: ‘Worst founder in India’: This ‘greedy’ CEO receives dubious dinction from Reddit voters) The past few months have been challenging for ju’s, with significant setbacks including widespread job cuts and a declining valuation. Investors have begun to raise alarms about Raveendran’s leadership, accusing him of lapses in corporate governance. This scrutiny has intensified in light of recent events. Adding to the company’s woes, an Indian tribunal has initiated insolvency proceedings against ju’s following a complaint filed the Board of Control for Cricket in India (BCCI). The board claimed that ju’s failed to complete a payment of $19 million for a sponsorship deal. As a result, the company’s assets have been frozen, and Raveendran has been suspended from his position. Hope for the futureDespite these setbacks, Raveendran remains hopeful about ju’s future. He expressed his desire for the company to make a comeback someday. Reflecting on his journey, he acknowledged in an interview last year at the World Economic Forum in Davos that he had made his “fair share of makes.”