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The Economic Offenses Branch of the Mumbai Police (EOW) has registered a case of fraud and forgery against Bayju’s founder Bayju Ravindran and the company’s directors. It has been accused of forgery of Rs 46.90 crore.
It has been registered against FIR Think and Learn Private Limited (byju’s parent company), Bayju Ravindran (Founder), Rijju Ravindran (Director), Divya Gokulnath (Director and Co-Founder).
The complainant is from a company called Aditya Birla Capital, which used to provide loans to students taking admission for the preparation of NEET, CUET, JEE MAINS and UPSC’s entrance exam in Byju’s.
Bayju was born in a small town named Azhikode in Kunur district in Kerala. There his father Ravindran was a teacher of Physics and mother Shobhanavalli taught Maths. Byju studied with this government Malayali Medium School. He then did BTech in Mechanical Engineering from Government College of Engineering.
After engineering, Bayju started his career in British shipping firm Pan Ocean Shipping Ltd. Here he worked as a service engineer.
CAT scored 100 percent
It is a matter of the year 2003. Bayju took 2 months holiday from the job. He was fond of teaching, so during the holidays he started helping his friends preparing for the CAT entrance for MBA. During this time, he suddenly thought that why should I not give CAT exam.
He gave the exam and scored 100 percent in the first attempt. Bayju thought that it must have taken a rhyme, but in the next attempt again 100 percentile. Byju was able to do this so easily, which people make their lives to achieve.
Ravindran received a call from almost all the Indian Management Institutes i.e. IIMS. But he decided to keep his job constant.
Bayju cleared Cat with 100 percentile in 2003 and 2004.
Had to take class in the auditorium
A few years later, his and friends informally sought help from them and they started teaching them too. Initially, two people expressed their desire to study from Bayju, they were 4 then 8 and suddenly 16.
Later in 2007, he launched classes for the CAT Entrance Exam on weekends with the help of friends at Jyoti Niwas College, Bangalore.
After this, the popularity of Bayju became such that classes had to be taken in the auditorium, where there were more than 1000 students. Bayju started taking classes in 9 cities in a week. And this series continued till 2009. Then in 2009, Bayju started teaching online through video.
Created a company named Think and Learn Private Limited
In 2011, Bayju formed a company named Think and Learn Private Limited. Then he shifted his focus from those who prepared for engineering or MBA and turned from 1 to 12th. The number of these students in the country is more than 25 crores and till that time there was no focus on this market. The company’s targets were entrance exams of IIT-JEE, NEET, CAT, IAS etc.
Byju used to feel that many of his students who were usually college graduates were not clear their fundamental concepts, because most of the schools focus on numbers, not on teaching. Bayju brought an idea that changed the Edtech industry.
Byju’s app launched in 2015
It took Bayju 4 years to remove his thinking as a product. He then launched the Byju’s app in the year 2015. It became very popular as soon as the app was launched.
In October 2018, the app expanded in the United Kingdom, America and other English -speaking countries. By July 2022, the app was downloaded more than 150 million times. Also, its users used to spend 71 minutes on the app every day.
Byju’s is the first startup in Asia to get a capital investment from Facebook founder Mark Zuckerberg.
India’s first Edtech Unicorn Company made
In the year 2018, Byju’s obtained funding from big investors like Systoya Capital, Tensent, Chanjukarberg Initiative, and Sofina. This year byju’s raised funding of about $ 540 million (about Rs 3,800 crore). It was led by South Africa’s Naspers Ventures and Canada Pension Plan Investment Board (CPPIB).
After this funding round, the valuation of Byju’s reached $ 3.6 billion. With this, Byju’s became India’s first Edtech unicorn company.
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