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Prosus slashes valuation of India’s Byju’s below $3 billion – TechCrunch

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Prosus slashes valuation of India’s Byju’s below $3 billion – TechCrunch

 

Investment giant Prosus has written down the valuation of edtech giant Byju’s to below $3 billion, marking a steep drop from the $22 billion valuation the Indian startup hit early last year.Byju’s is facing many “challenges” and Prosus and other backers are working alongside to aid the Bengaluru-headquartered startup’s recovery, Prosus interim chief executive Ervin Tu said on an earnings call Wednesday after the investment giant reported financial results for the six months to September.The 86% write-down in Byju’s valuation comes as the Bengaluru-headquartered startup works to restructure operations and cut costs after huge pandemic-era growth left it with surging losses.… 

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