Prosus cuts value of Indian edtech giant Byju to ‘sub-$3 billion’

Prosus has marked the valuation of Byju’s, India’s most valuable startup, down to less than $3 billion, the investment giant’s executives said on an earnings call on Wednesday even as they said they remained bullish. of market opportunities in South Asia.

The Bengaluru-headquartered startup, which has raised $5 billion in equity and debt over the years, is valued at $22 billion in its last financing round in early 2022. Prosus has consistently adjusted its holding value to Byju’s, in which it owns over 9% stake, for over a year. At the end of March this year, Prosus valued Byju at $5.1 billion.

Executives at Prosus, which is also one of the main backers of Byju’s, said on Wednesday that the edtech giant is grappling with several “challenges,” and Prosus as well as other investors have joined the start to help it recover.

More to follow.

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