Vitals: What they did: K-12 learning app & test-prep empire (India).

• Peak valuation $22 B (2022)⁣
• July 2024: insolvency petition; valuation now “worth zero.”

What Went Right

  1. 150 M learners, $2 B+ annual sales (pandemic boom).
  2. $5 B VC war-chest; marquee acquisitions (Aakash, Epic).

Where the Blood Flow Stopped

  1. Over-leveraged M&A: 20+ buyouts → debt pile.
  2. Governance gaps: two auditors quit; delayed accounts. TechCrunch
  3. $19 M cricket-sponsor default triggered insolvency. Reuters

Prescription

✅ Governance first, growth second—CFO before C-suite shopping spree.

✅ Match acquisition pace to cashflow, not headlines.

✅ Diversify revenue beyond pandemic spikes.

Take-away

“Don’t stack Lego towers faster than the glue dries.”

Nominate the next unicorn for Sunday’s slab 👇

Disclaimer: discovery-stage analysis compiled from public sources; figures may update and errors are mine alone.