Byju Raveendran begins teaching CAT aspirants. The videos go viral on pirated CDs across small towns. The first product is a recorded lecture — high production, sharp scripts, fearless personality.
Backed by Sequoia, Tencent and General Atlantic. A door-to-door sales army convinces parents that without Byju's their child's future is over. Aggressive EMI selling. The app becomes the most downloaded education app in India.
WhiteHat Jr., Aakash, Great Learning, Epic, Toppr — bought in a frenzy, largely on debt. Cricket World Cup sponsorship. Lionel Messi as global brand ambassador. Press calls it India's edtech crown jewel.
Sales reps push parents into loans they can't afford. Mis-selling lawsuits. Auditor Deloitte refuses to sign FY22 books — flags revenue recognition. Three board members resign in the same week.
US lenders sue. The Enforcement Directorate raids offices. BCCI sponsorship money missing. Investors strip Byju Raveendran of his director title. Insolvency proceedings begin. Aakash IPO delayed indefinitely.
What killed Byju's wasn't competition. It was a culture that confused booked revenue with collected cash, and confused acquisitions with growth.