Prosus has marked down the valuation of Byju’s, India’s most respected startup, to under $3 billion, the funding big’s executives stated on an earnings name Wednesday whilst they asserted that they continue to be bullish on the alternatives within the South Asian market.
The Bengaluru-headquartered startup, which has raised over $5 billion in fairness and debt through the years, was valued at $22 billion in its final financing spherical in early 2022. Prosus has been persistently adjusting the value of its holding in Byju’s, wherein it owns over 9% stake, for greater than a yr. On the finish of March this yr, Prosus valued Byju’s at $5.1 billion.
Executives at Prosus, which can also be one of many earlier backers of Byju’s, stated Wednesday that the edtech big is scrambling by many “challenges,” and Prosus in addition to another traders are participating with the startup to assist it get well.
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