Topics
Latest
AI
Amazon
Image Credits:Paul Yeung / Bloomberg / Getty Images
Apps
Biotech & Health
Climate
Image Credits:Paul Yeung / Bloomberg / Getty Images
Cloud Computing
Commerce
Crypto
A slide from Prosus’ financial results Wednesday.Image Credits:Prosus
Enterprise
EVs
Fintech
Fundraising
contraption
gage
Government & Policy
Hardware
Layoffs
Media & Entertainment
Meta
Microsoft
privateness
Robotics
protection
Social
place
startup
TikTok
Transportation
Venture
More from TechCrunch
Events
Startup Battlefield
StrictlyVC
newssheet
Podcasts
Videos
Partner Content
TechCrunch Brand Studio
Crunchboard
Contact Us
investiture giant Prosus has write down the valuation of edtech giant Byju ’s to below $ 3 billion , marking a outrageous driblet from the $ 22 billion valuation the Amerind startup strike early last class .
Byju ’s is face many “ challenges ” and Prosus and other backers are go alongside to aid the Bengaluru - headquarter startup ’s recovery , Prosus interim chief executive director Ervin Tu state on an earnings call Wednesday after the investment giant report financial results for the six months to September .
The 86 % write - down in Byju ’s evaluation comes as the Bengaluru - headquartered startup works torestructure operations and sheer costsafter immense pandemic - geological era ontogeny left it with billowing losses . The news is the latest remarkable turn of fortunes for Byju ’s that has conjure up over $ 5 billion to particular date .
The inauguration — which also depend Peak XV , Lightspeed India Venture Partners , Sofina , BlackRock , UBS and Chan Zuckerberg Initiative among its backer — drop its revenue targetfor the financial year ending in March last yr , the startup disclosed in a much - stay account this month . It ’s also throw together to resolve adebt of $ 1.2 billionand is subject to an on-going probe by India ’s money - launder agency Enforcement Directorate , which hasaccused Byju ’s of violating the country ’s forex law to the melody of $ 1.12 billion .
Byju ’s CFO Ajay Goelleft the startupin less than seven month to repay to Vedanta in late October , follow high - visibility and abrupt passing of auditor Deloitte and three of Byju ’s key gameboard member in June . Prosuspublicly slammed the Bengaluru - headquartered startupin July for not evolving sufficiently and disregarding the investor ’s advice and recommendations despite repeated attempts .
Prosus has been proactively adjusting the Charles Frederick Worth of its holding in Byju ’s , in which it owns over 9 % stake , for more than a twelvemonth . Prosusvalued Byju ’s at $ 5.1 billionat the remainder of March .
Prosus , one of Europe ’s most valuable tech companies , place Byju ’s and Pharmeasy , an Indian online pharmacy startup that this yearraised capital at a valuation about 90 % belowits 2021 senior high , among the “ large underperformers ” for the Amsterdam - listed firm .
Join us at TechCrunch Sessions: AI
Exhibit at TechCrunch Sessions: AI
The net asset economic value of Prosus ’ retention of its e - commerce portfolio , which have fintech , edtech , food delivery and speculation mickle , stick out at $ 29 billion at the end of the first half of the fiscal year 2024 , down from $ 50 billion during the same full point two years ago . The IRR fell to 5 % in H1 FY24 , down from 18 % during the same period two years ago , the investiture giant said .
Not all is doom in India for Prosus and its immense investiture in the country . The firm said Wednesday its payments companionship PayU is now hopeful for an initial public offer in the second half of 2024 as its operations expand expeditiously . Prosus also boast strong growth for head food deliverance startup Swiggy .
