Meet India’s newest billionaire, a 37-year-old Byju Raveendran, who is former school teacher
New Delhi, July 30: Byju Raveendran, the CEO of BJYU, has now joined the group of elite club by becoming the India's newest billionaire.
For those of you who don't know, Byju - The Learning App, which is the new official sponsor for the Indian cricket team, was launched by Raveendran, an engineer who started coaching classes for students back in 2006.
Born Azhikode village in Kannur district of Kerala, Byju is a former classroom teacher who developed an education app that's grown to a valuation of almost $6 billion in about seven years.
The 37-year old entrepreneur joined the rarefied club after his Think and Learn Pvt scored $150 million in funding earlier this month.
A report by Bloomberg stated that BYJU's valuation is now at $5.7 billion after it raised $150 million in funding earlier this month. Byju Raveendran is reported to be holding a 21 percent stake in the company.
The Barclays Hurun India Rich List 2018 - a compilation of the richest individuals in India with a net worth of Rs 1,000 crore or more - saw the entry of 19 entrepreneurs from unicorn companies such as Paytm, Flipkart, Udaan, Oyo, Ola, and BYJU's, among others.
Byju had once sat for the Common Aptitude Test (CAT) entrance exam during one of his work breaks in 2003. Despite hardly studying for the exam, he scored 100 per cent. Just to be sure, he sat for it again.
He scored 100 per cent again. Two years later, he helped some more people crack the entrance exam.
He went from teaching a few friends, to teaching hundreds of students in large auditoriums, to taking classes through satellite communication. He eventually launched Byju's - The Learning App in 2015.