Byju's

Byju's was once India's most valuable startup at $22 billion. The edtech giant raised $5.5B and went on an acquisition spree—buying Aakash Educational ($1B), Great Learning ($600M), and WhiteHat Jr ($300M). But post-pandemic, edtech demand normalized while Byju's cost structure remained bloated. Revenue claims were questioned, audits were delayed for years, and board members resigned en masse. The company defaulted on a $1.2B loan, fired thousands of employees, and saw its valuation collapse to near zero by 2024. The story illustrates how pandemic tailwinds can mask fundamental problems: unsustainable CAC, low retention, and accounting that didn't reflect reality.