BlackRock reduces Byju's $1 billion valuation by 95%
By MYBRANDBOOK
According to disclosures provided by the asset manager, BlackRock has once again reduced the value of its position in Byju's, bringing the implied worth of the Indian startup down from $22 billion in early 2022 to $1 billion.
BlackRock stated at the end of October of last year that Byju's shares were valued at roughly $209.6 per share, which was less than their peak of $4,660 in 2022.
Earlier in May 2023, BlackRock reduced the fair value of Byju's by 62%, valuing it at $8.4 billion
This comes in a series of valuation downgrades by Byju’s’ investors over the past year. Most recently in November, tech investor Prosus marked down the value of its stake in Byju's, resulting in a company valuation of less than $3 billion, representing an 86% decline from the previous valuation of $22 billion.
From the beginning 2022, Byju’s has been under fire for various reasons like accounting irregularities, alleged mis-selling of courses, and mass layoffs. The investor board members have left due to differences with Raveendran.
In past two years, the company has laid off thousands of employees as it battled a double blow of drying venture capital funding and slowing demand for online learning services.
A senior executive from Byju’s’ new auditing firm MSKA and Associates said recently the company now faces an issue continuing as a going concern. A going concern is an accounting term for a company that has the resources to continue operating for the foreseeable future, in this case, the next 12 months.
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