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Prosus cuts India’s edtech star Byju’s valuation to $19bn – ReadWrite

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Prosus cuts India’s edtech star Byju’s valuation to $19bn – ReadWrite

 

Education technology company Byju’s, once India’s highest-valued startup at over $22 billion, has seen its valuation plummet to below $3 billion, according to major investor Prosus, a recent TechCrunch report reveals. The staggering 86% write-down of Byju’s value comes as the company struggles to restructure its business amid surging pandemic-era losses. Prosus, a global investment firm spun out of South Africa’s Naspers, disclosed the markdown during an earnings call on Wednesday. Byju’s is facing “significant challenges,” according to Prosus interim CEO Ervin Tu. He assured that Prosus and other backers are working closely with Byju on recovery efforts. This news marks… 

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