BYJU'S was founded by Byju Raveendran and Divya Gokulnath and grew from test-prep coaching into a major edtech platform.
Explore the story of BYJU’S founders Byju Raveendran and Divya Gokulnath, from early test-prep classes and rapid expansion to a $22 billion valuation and ongoing insolvency proceedings.
Written by TFN Research Desk | covering startups, technology, venture capital, and business strategy
Quick Facts
| Founders | Byju Raveendran, Divya Gokulnath |
| Education | Byju Raveendran – B.Tech, Government College of Engineering, Kannur; Divya Gokulnath – Biotechnology, R.V. College of Engineering, Bengaluru |
| Prior Ventures | Byju Raveendran – GRE/GMAT/CAT coaching classes |
| Role | Co-Founder, BYJU’S (Think & Learn) |
| Founded | 2011 |
| Sector | EdTech |
Introduction
Byju Raveendran never set out to build a startup. In 2011, he was simply teaching GRE, GMAT, and CAT classes in Bengaluru, drawing crowds so large they filled stadiums. (foundlanes) Alongside his wife and co-founder Divya Gokulnath, who had joined his classes as a student before becoming a teacher herself, Raveendran turned that classroom energy into Think & Learn, the company behind BYJU’S. (Success India Magazine) Fifteen years later, BYJU’S has gone from India’s most valuable startup to a company navigating active insolvency proceedings. (Business Standard)
The BYJU’S Story
BYJU’S initially offered in-person coaching to support traditional school learning, before Raveendran launched a mobile app in 2015 that let students access lessons directly on their phones. (The CEO Magazine) That shift proved pivotal: as smartphone adoption grew, the app expanded into the UK, the US, and other English-speaking markets by 2018, and had been downloaded over 150 million times by 2022. (The CEO Magazine)
The pandemic-driven shift to online learning accelerated BYJU’S growth dramatically, and the company used the moment to pursue aggressive expansion, acquiring businesses including Osmo, WhiteHat Jr, and Aakash Educational Services for a combined $1.4 billion. (kbssidhu Substack) By January 2022, BYJU’S had raised roughly $800 million at a $22 billion valuation and had announced plans for an IPO. (The Runway)
That peak did not last. As students returned to in-person learning post-pandemic, BYJU’S growth slowed sharply while its cost base remained bloated, and a $1.2 billion term loan taken on in 2021 became the company’s undoing. (The Runway) Auditor Deloitte resigned in June 2023 citing delays and lack of cooperation, three key board members departed the same month, and the company subsequently defaulted on its loan. (Parth Verma / Substack) In July 2024, India’s National Company Law Tribunal admitted Think & Learn into insolvency proceedings following a claim by the Board of Control for Cricket in India over unpaid sponsorship dues. (kbssidhu Substack)
Business Model
BYJU’S built its revenue historically around subscription-based digital learning products, though its business today is constrained by ongoing insolvency proceedings:
| Revenue Stream | How It Works |
|---|---|
| App subscriptions | Paid access to K-12 learning content and personalized courses |
| Test-prep coaching | Offline and hybrid coaching through acquired brands like Aakash |
| Acquired product lines | Coding (WhiteHat Jr), young learner content (Osmo, Epic!) |
(Sourced from The CEO Magazine)
Funding and Financial History
| Milestone | Year | Detail |
|---|---|---|
| Peak funding round | Jan 2022 | ~$800 million raised at a $22 billion valuation |
| First major markdown | Nov 2023 | Prosus valued its stake at implying sub-$3 billion for BYJU’S |
| Loan default | 2023 | Defaulted on $1.2 billion Term Loan B after auditor and board exits |
| Valuation written to zero | 2026 | Prosus wrote off its entire stake, implying ~$200 million valuation |
(Sourced from TechCrunch and Gulf News)
Overall, BYJU’S raised more than $5 billion in equity and debt over its lifetime, reaching a peak valuation of $22 billion in 2022 before falling more than 95% as investors including Prosus, BlackRock, and others repeatedly marked down their stakes. (TechCrunch)
Current Status
BYJU’S parent Think & Learn is presently under India’s Corporate Insolvency Resolution Process. In July 2026, the National Company Law Tribunal stayed the insolvency bidding process until August 31, after founders Byju Raveendran and Riju Ravindran challenged a ₹11,433 crore claim by GLAS Trust, the US agent representing lenders on BYJU’S defaulted $1.2 billion term loan. (Business Standard) The founders have also alleged that lenders seized foreign subsidiary assets, including Great Learning, Epic!, Tynker, and Tangible Play, through US bankruptcy and Singapore court proceedings after the Indian insolvency process began. (Asianet Newsable)
BYJU’S vs Competitors
At its peak, BYJU’S competed with Unacademy, Vedantu, and PhysicsWallah in India’s edtech market. (kbssidhu Substack) Several of these rivals have since taken a more conservative approach to spending and fundraising, a contrast frequently cited in analyses of BYJU’S rapid rise and collapse.
Key Takeaways
- Byju Raveendran and Divya Gokulnath founded BYJU’S in 2011, starting with in-person test-prep coaching in Bengaluru.
- The company reached a peak valuation of $22 billion in 2022 after raising over $5 billion in total funding.
- A $1.2 billion loan default, auditor resignation, and board exits in 2023 triggered a rapid unraveling.
- BYJU’S parent Think & Learn entered insolvency proceedings in India in July 2024 and remains under NCLT oversight as of mid-2026.
- Prosus, once BYJU’S largest external investor, has written the value of its stake down to zero.
FAQs
Who founded BYJU’S?
Byju Raveendran and Divya Gokulnath founded BYJU’S (Think & Learn) in 2011.
What is BYJU’S current status?
The company is under active insolvency proceedings in India, with a stay on the bidding process pending a hearing scheduled for August 31, 2026.
How much funding did BYJU’S raise?
Over $5 billion in equity and debt, reaching a peak valuation of $22 billion in 2022.
Who were BYJU’S competitors?
Unacademy, Vedantu, and PhysicsWallah in India’s edtech market.
© The Founder Nation | Written by TFN Research Desk
