According to industry experts, BYJU’S downfall began with a ₹50 marketing test that replaced organic referrals with paid ads. The quick-win move led to massive IPL spends and celebrity deals. As costs soared, BYJU’S spent ₹88 to earn ₹100. A company built on trust turned into a valuation chase and a ₹22,000-crore empire collapsed under its own weight.