International funding group Prosus NV or Prosus, on Wednesday, stated it’s slashing the valuation of ed-tech firm Byju’s to beneath $3 billion.
That is 86 per cent lower than the valuation of the corporate at $22 billion final yr.
The valuation reduce, made throughout an earnings name by Prosus interim CEO Ervin Tu with out citing a motive, is the most recent blow to the ed-tech firm that has been affected by high-level exits, delay in its monetary outcomes for 2021-22 by a yr, layoffs, and authorized battle with lenders.
“We aren’t disclosing the (precise) valuation, however it’s sub-$3 billion,” Tu has been quoted as saying.
The Dutch-listed investor stated as of September 2022, it “now not exerts important affect over the monetary and working insurance policies” of the ed-tech firm.
Over the previous yr, shareholders of Byju’s, together with Prosus and Blackrock, have successively reduce the valuation of the corporate to $11 billion in March, $8 billion in Could and $5 billion in June, experiences Reuters.
Whereas Porus didn’t provide a motive for decreasing the valuation this time, in July, the corporate had stated Byju’s administration “recurrently disregarded recommendation” to enhance its governance.
