Education Technology · Profile from Education Technology Research Companion
Think & Learn Private Limited (BYJU'S)
The Bengaluru company that grew from Byju Raveendran's CAT-coaching classes into India's most valuable startup. It sold K-12 learning apps and tablets to parents through a large inside-sales force, spent ~$2.5bn+ on acquisitions in 2020–22, reached a reported ~$22bn valuation in 2022, and then collapsed into delayed accounts, investor revolt, a $1.2bn term-loan dispute with US lenders and, from July 2024, corporate insolvency triggered by the Indian cricket board. Many figures about Byju's are disputed. This profile attributes them to the party making the claim.
At a glance
- Founded
- Think and Learn Pvt. Ltd. incorporated 2011 in Bengaluru; Byju Raveendran's CAT coaching dates from ~2006–07; "BYJU'S – The Learning App" launched August 2015
- Founders
- Byju Raveendran; co-founder Divya Gokulnath (his wife, a former student and teacher); brother Riju Raveendran was a director and key shareholder
- Headquarters
- Bengaluru, India; US entity Byju's Alpha Inc. (Delaware financing vehicle); founders based largely in Dubai from 2023–24 (reported)
- Ownership / structure
- Private Indian company. Under a Corporate Insolvency Resolution Process (CIRP) since July 2024 (briefly stayed and then revived), with founders' board powers suspended. Founders held a minority stake after years of dilution (reported ~20–25% before the 2024 rights issue; disputed)
- Leadership (2026)
- Company managed by a resolution professional under NCLT Bengaluru supervision (Shailendra Ajmera, appointed 2025 after the first IRP, Pankaj Srivastava, was replaced; verify). Byju Raveendran remains suspended managing director and public face of the founders' side
- Segment and buyer
- Consumer K-12 and test-prep (India first; also US, UK, Middle East). Buyer: parents, often on EMI loans; plus offline coaching (Aakash), upskilling (Great Learning), US kids' reading (Epic), coding (WhiteHat Jr, Tynker)
- Scale
- Company claimed ~150m registered learners (2022). FY22 audited consolidated revenue ~₹5,300 crore (~$700m) with a net loss of ~₹8,250 crore (~$1.1bn), filed January 2024 (reported). FY23 and later group accounts were not publicly filed in a timely way (verify). Peak headcount ~50,000 (reported, 2022)
- Capital raised / valuation
- Equity raised ~$5–6bn (2013–2022, reported) plus a $1.2bn term loan B (Nov 2021). Peak valuation ~$22bn (2022, reported). Rights issue in early 2024 at a reported pre-money of ~$200–250m. Prosus, BlackRock and others wrote holdings down to near zero
- Signature moves
- App launch (2015); tablet-plus-inside-sales model; BCCI jersey sponsorship (2019); COVID free access (2020); WhiteHat Jr (2020, $300m); Aakash (2021, ~$950m); Great Learning, Epic, Toppr, Tynker, GeoGebra (2021); $1.2bn TLB (2021); FIFA World Cup sponsorship and Messi ambassador deal (2022). Failures: delayed audits and auditor resignation (2023); $533m "missing funds" dispute; BCCI-triggered insolvency (2024); Delaware litigation against the founder (2024–26)
10 strategic moves analysed
Each one gets a full strategy file in the companion: context, the decision, the financing, what happened, and the lesson.
2011
Founding Think and Learn
Launch
2015
Learning App Launch
Launch / pivot
2017
Tablet and Inside Sales Model
Pricing change / distribution model
2019
BCCI Jersey Sponsorship
Partnership / brand marketing
2020
Acquires WhiteHat Jr
Acquisition
2021
Acquires Aakash
Acquisition
2021
Acquisition Spree Great Learning Epic
Acquisition (series)
2021
Term Loan B
Debt financing
2022
Peak Valuation and Governance Breakdown
Funding round / governance
2024
Rights Issue and BCCI Insolvency
Restructuring / collapse