Prosus zeroes out 9.6% Byju’s stake
Major investor Prosus has written off its 9.6% stake in Indian edtech firm Byjuâs to zero, signaling a loss of confidence in the once-promising startup.
Prosus, the largest external investor in Byjuâs, disclosed the adjustment in its assessment of Byjuâs worth on Monday. Prosus wrote off the startup âdue to the significant decrease in value for equity investors,â it said.
Prosus invested about $500 million in Byjuâs over the years. It never sold any share in the Indian edtech startup, whose valuation climbed to as high as $22 billion early last year.
More to follow.