The downfall of India’s once most valuable startup: from riches to ruins

In a shocking turn of events, Indian edtech giant Byju’s has been hit with a devastating blow as HSBC estimates that the once $22 billion company is now worth nothing. This drastic write-down in valuation marks one of the most significant startup declines in recent memory, highlighting a tumultuous year for the company that was once India’s most valuable startup.

Meanwhile, AI mortgage startup LoanSnap, after raising $100 million, is facing a barrage of lawsuits and has been evicted from its main office. Several creditors, including Wells Fargo, have claimed that the company owes them over $2 million, leaving employees concerned about the future of the company.

In another development, an appeals court ruling has caused uproar within the startup and venture ecosystem as the VC firm Fearless Fund is prohibited from issuing grants to Black women business owners. Despite the setback, Fearless Fund CEO Arian Simone has vowed to continue fighting the lawsuit.

On a lighter note, Apple’s annual developer conference, WWDC 2024, is set to kick off with exciting announcements about iOS 18, macOS 15, and advancements in AI technology. Additionally, Rivian has unveiled revamped versions of its consumer vehicles, providing a clear path forward for the EV maker.

As the tech industry continues to evolve, with companies like Carta facing valuation cuts and Robinhood expanding into cryptocurrency, the landscape remains dynamic and unpredictable. Stay tuned for more updates on these and other tech news stories.