Byju Raveendran’s journey from a small-town engineer in Kerala to the helm of India’s most valuable ed-tech startup is the stuff of entrepreneurial legend. Founded in 2006, Byju’s revolutionized learning through its mobile app, celebrity endorsements, and aggressive acquisitions, quickly becoming a global force with a valuation of $22 billion by 2022.

But the post-pandemic world has not been kind to Byju’s. The company’s meteoric rise was followed by a dramatic fall—plagued by financial mismanagement, delayed reporting, loan defaults, and legal troubles both in India and abroad. Massive layoffs, failed acquisitions, and mounting debt have eroded investor confidence, culminating in a high-stakes leadership showdown.

Now, lenders have moved to courts in India and the U.S. over a $1.2 billion loan, while the Enforcement Directorate has launched an investigation into alleged $1.08 billion FEMA violations. An EGM has already voted to remove Byju Raveendran and his family from leadership, pending the Karnataka High Court’s decision.

The once-celebrated startup now faces an uncertain future. Will Byju’s find a path to redemption—or has India’s biggest ed-tech empire reached its final chapter?