Byju Raveendran is richer than Rakesh Jhunjhunwala, Anand Mahindra

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Byju Ravindran and his family have become richer than billionaire investor Rakesh Jhunjhunwala and chairman of the Mahindra Group conglomerate Anand Mahindra. According to IIFL Wealth Hurun India Rich List 2021, Byju Raveendran & family’s wealth stood at Rs 24,300 crore.

The estimated wealth of Rakesh Jhunjhunwala and his family is Rs 22,300 crore, that of Anand Mahindra and family is pegged around Rs 22,000 crore

Raveendran and his family are now ranked 67th in the rich list. Over the past five years, the founder of edtech company, Byjus’s, has climbed up 504 ranks, the fastest in the list. In 2021, the family’s wealth has shot up by 19%.

Zoho’s Radha Vembu’s wealth is estimated at Rs 23,000 crore, while Infosys co-founder Nandan Nilekani and his family’s wealth stood at Rs 20,900 crore. All these families saw their wealth increase substantially during this year.

Acquisition spree

Byju’s, founded in 2011, has been valued at $16.5 billion. According to reports, the company is in talks with several investors to raise up to $1.5 billion at a valuation of almost $21 billion. Rumours of Byju’s going for an IPO have some projecting valuations of up to $50 billion. If the company were to come up with an IPO, many believe that Raveendran and family could see their wealth climbing massively.

Byju’s, boosted by Venture Capitalist money, has been acquiring several players in the education business, including several start-ups, to cement its position in the edtech business. The company has spent close to Rs 15,000 in acquisitions this year, according to estimates.

Most recently, it bought Aakash Educational Services at Rs 7,300 crore cash and stock deal. Another acquisition was of Singapore-based Great Learning, which it bought for Rs 4,500 crore, and a California-based kids digital reading platform, Epic, for Rs 3,700 crore.