Byju's Valuation Plummets, Founder's Net Worth Slides

Byju's, the Indian edtech firm, faces a significant valuation drop, with its parent company estimating founder Raveendran's net worth at $100 million, down from $3.6 billion. The company is dealing with challenges like layoffs, losses, and a government probe. However, it reported doubled revenue and narrowed losses for fiscal 2022. The Directorate of Enforcement issued show cause notices for foreign exchange law violations, and Byju's received investments and set up an advisory council.