BlackRock has again reduced the valuation of its share in edtech firm Byju s - this time to about $1 billion, TechCrunch reported on Friday, citing disclosures made by the US-based asset manager.
This is 95 per cent less than its peak valuation of $22 billion in 2022.
The markdown comes at a time when the company is facing a multitude of challenges, including securing fresh capital, delays in financial reporting and legal disputes with lenders.
In a recent disclosure by US-based asset manager BlackRock, the valuation of its stake in ed-tech giant Byju’s has been further reduced to approximately $1 billion, marking a significant 95% decrease
With investors asking for a change in the board structure at Byju s, the edtech giant s founder and chief executive officer (CEO), Byju Raveendran, is now asking them to put $300 million into the company for more control.
The company has rung up $5.8 billion from investors such as General Atlantic, Sofina, the Qatar Investment Authority, Sumeru Ventures, Vitruvian Partners, BlackRock, Chan Zuckerberg Initiative, Sequoia, Silver Lake, Bond Capital, Tencent, and Tiger Global.
By Peerzada Abrar ‘Byju’s financials only reflect the core business. At a group level, they are experiencing substantial losses.’ Beleaguered edtech giant Byju’s is grappling with the need to significantly reduce its losses in order to establish a sustainable business for the long term, according to industry insiders and analysts. The company is currently facing