Prosus cuts Byju's valuation to under USD 3 billion
Wednesday, 29 November 2023 Tech investor Prosus NV values Indian education firm Byju's at under USD 3 billion, 86% less than its peak valuation of USD 22 billion last year due to governance and cash-flow problems. Interim CEO Ervin Tu disclosed the valuation cut during Prosus earnings call. Executives and board members quit, and Byju's delayed filing its 2021/22 financial results by a year. Shareholders including Prosus and Blackrock successively cut Byju's valuation to USD 11 billion in March, USD 8 billion in May, and USD 5 billion in June. General Atlantic and Silver Lake are investors.
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Netherlands-based technology investor Prosus, which holds about 9.6% stake in Byju's, has marked down the startup's valuation to under $3 billion. This... IndiaTimes
Wednesday, 29 November 2023
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