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Byju Raveendran will participate in the share sale to retain his stake in the company: Report

Byju's, once counted among the world's most valuable startups, is seeking to raise funds at a discount of more than 90% from its previous round to alleviate its financial problems.

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The beleaguered Indian education provider is asking more than $100 million from existing investors through a fresh issuance of shares slated for next month, at a price that values the firm at less than $2 billion, people familiar with the matter said. That’s down from $22 billion at its previous round in late 2022.

US-based investment fund BlackRock Inc. has marked down the fair value of its investments in Byju's again, causing the beleaguered startup's valuation to plummet to $1 billion. In a filing on Jan. 5, BlackRock Global Allocation Fund valued one share of Byju's parent, Think & Learn Pvt., at about $209.5 apiece. BlackRock holds a 0.9% stake in the company, which implies a valuation of $1 billion, down from its peak $22 billion valuation.