Byju's collapse (2021-2024)
Byju's raised more than $5 billion and hit a $22 billion valuation in March 2021, spending heavily on acquisitions including Aakash and WhiteHat Jr. When demand fell, it defaulted on its loans and lost control of its accounts.
India's National Company Law Tribunal admitted an insolvency petition against Byju's in July 2024.
The collapse reset investor expectations for Indian edtech, setting the stage for sales like Unacademy's at a fraction of peak value.
Byju's was the biggest casualty of the same boom-bust cycle that pushed Unacademy to sell at 94% below its peak.
