Back in the late 2000s when Byju's was founded, it was best known for teaching students how to 'hack' competitive examinations like the CAT. They taught students how to work backwards from the answer and use a bunch of shortcuts to get the highest score possible. The art of 'hacking' examinations was something that the company's founder, Byju Raveendran, was the master of. Or at least that's how the Byju's origin story goes.
It all started back in the early 2000s when Byju, an engineer from a small town in Kerala, began helping his friends with the CAT exam. Every time he would sit for the exam, he’d score in the 100th percentile. This was when he sharpened his ability to teach-the-test. The lore spread and Byju's was created. By 2022, its valuation hit $22 billion. The company was on a dream run.
The real trouble began when Byju’s began applying this hack method to its growth with unrealistic sales targets and billions of dollars in loans.
Fast forward to now, on Sept 17 2024, the Supreme Court of India is going to hear a plea against the NCLAT's stay on insolvency proceedings against Byju’s.
In this episode, we dive into the Byjus saga. How did it get here? And who is to blame? Hosts Snigdha and Rahel speak to Olina Banerji, who covers education for The Ken.
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What is Daybreak?
Business news is complex and overwhelming. It doesn’t have to be. Every day of the week, from Monday to Friday, Daybreak tells one business story that’s significant, simple and powerful.
Hosted from The Ken’s newsroom by Snigdha Sharma and Rahel Philipose, Daybreak relies on years of original reporting and analysis by some of India’s most experienced and talented business journalists.