Finale: The collapse of India’s $22bn tech star

The final episode of *Behind the Money* delivers a dramatic reckoning with the fall of Baiju's, India’s once $22 billion edtech unicorn, whose meteoric rise was fueled by viral math shows, pandemic-driven demand, and massive global investment. What followed was a cascade of collapse: a $1.2 billion U.S. loan gone missing, bankruptcy filings in India and Delaware, and a courtroom drama revealing allegations of witness tampering, fraudulent fund transfers, and AI-assisted fraud defense planning. Central to the unraveling was William Hayler, a Nebraska consultant who testified that Baiju Ravindran, the founder, tried to bribe him with a $500,000 job, housing, and a $10,700 plane ticket to Dubai—only to later disclose that the funds came from a UK entity tied to the siphoned loan. The Delaware court called the allegations 'gravely disturbing,' and a default judgment was issued against Ravindran. The fallout has reshaped India’s startup culture, tightening funding by over 70% and sparking national scrutiny of corporate governance. Yet Ravindran insists he’s not finished—claiming a comeback is possible. This story isn’t just about one founder’s downfall; it’s a warning about the risks of unchecked venture capital, the fragility of global tech empires, and the lengths some will go to control their legacy—even in the face of legal reckoning.