Kochi: Ed-tech company Byju’s, which is accused of projecting inflated revenues for increasing company value, has adopted corrective measures to minimise losses. The company vacated its major office spaces in high-rise buildings in Bengaluru yesterday. This includes the 5.58 lakh square feet space in Kalyani Tech Park. The employees working in the offices were shifted to other offices or asked to work from home.

In a move to drastically cut expenditures, Byju’s is expected to vacate more offices in the coming days. The company has made extensive layoffs in the last few months. Around 1,000 company employees lost their jobs in June.

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Last bid to raise funds

By October 2022, Byju’s was India’s most valuable startup with a $22bn valuation. It is learnt that a helpless Baiju Raveendran broke down into tears in front of investors after his talks with them to raise Rs 8,200 crore failed. 

The fall

Byju’s conquered the ed-tech industry with the pandemic. At that time, investments flowed into the company. The company was on an acquisition spree buying several major and minor ed-tech companies/tuition centres. However, the company's fortunes crashed after schools reopened. The company’s income plummeted considerably. The ed-tech company was further plagued by ED raids on foreign transactions. As a result of growing mistrust, investors resigned from the company's board of directors. Byju’s has not produced its financial report for two years.

The journey of Baiju Raveendran

Baihu Raveendran was born in 1980 at Azhikode in Kannur district to a teacher couple. He is a BTech graduate. Moving ahead, Baiju secured a very high rank in the CAT exam, however failed to get admission to an IIM. However he coached his friends and helped them secure high ranks in CAT exams, realising his own potential as a tutor. 

Baiju Raveendran started small, with coaching classes in Bengaluru in 2007. Byju’s was officially launched in 2011. He married one of his students, Divya Gokulnath, who is the co-founder of Byju’s.