BlackRock has again slashed the value of its holding in Byju’s, slashing the implied valuation of the edtech giant to $1 billion from the $22 billion mark set in early 2022, according to a TechCrunch report citing disclosures made by the asset manager.
BlackRock owns less than 1 per cent of Byju’s. In November, tech investor Prosus NV valued Byju’s at under $3 billion, 86 per cent less than its peak valuation of $22 billion in 2022, following the company’s struggle with governance and cash-flow problems.
In May 2023, BlackRock also cut its valuation to about $8.4 billion.
Amid a string of setbacks, Byju’s received a notice from the Enforcement Directorate (ED) in late November and is expected to pay a fine for alleged violations of foreign exchange laws.
(With Inputs From Agencies)
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