New Delhi, June 28: Byju Raveendran, Founder and Group CEO of embattled edtech firm Byju's, faced setbacks as he put himself on a pedestal and stopped listening to anyone, said Gaurav Munjal, Co-founder and CEO of Unacademy on Friday.

"Byju failed because he didn’t listen to anyone. He put himself on a pedestal and stopped listening. Don’t do that. Never do that. Don’t listen to everyone but have people who can give you blunt feedback," Munjal said in a series of posts shared on X. MSME TEAM Initiative: Indian Government Announces Initiative To Help Five Lakh Micro, Small and Medium Enterprises Onboard ONDC.

Unacademy CEO Gaurav Munjal on BYJU's CEO Byju Raveendran:

"You might not always like the feedback, but take the feedback and act on it," he added. Unacademy's CEO started his series of posts with some learnings he had in the last two years before arriving at the criticism for Byju’s.

"Learnings from the last 24 months: Understanding the Unit Economics on Day One is probably the best thing you can do," Munjal said. He further added that "some investors are assets, some are liabilities. The trick is to figure out the ones who are assets and listen to them". Elon Musk’s Mother Maye Musk Wishes Him on His 53rd Birthday, Says 'Thank You for 53 Years of Joy and Excitement'.

Meanwhile, global investment giant Prosus has written off the value of its shareholding in Byju's, recording a loss of $493 million. In its annual report for FY24, the investment firm said that in the financial year, "the group wrote off the fair value of its 9.6 per cent effective interest in Byju’s, due to the decrease in value for equity investors."

(The above story first appeared on LatestLY on Jun 28, 2024 05:04 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).