MUMBAI: Tech investor Prosus NV stated on Wednesday it was valuing Indian training agency Byju’s at underneath USD 3 billion, 86% lower than its peak valuation of USD 22 billion final yr, after the corporate struggled with governance and cash-flow issues.
The disclosure, made by interim CEO Ervin Tu throughout Prosus earnings name, is the newest lower to Byju’s valuation after a number of executives and board members stop and it delayed submitting its 2021/22 monetary outcomes by a yr.
Over the previous yr, shareholders together with Prosus and Blackrock have successively lower Byju’s valuation to USD 11 billion in March, USD 8 billion in Might and USD 5 billion in June.
Prosus on Wednesday didn’t give a cause for the valuation lower, however in July it stated the corporate’s administration “frequently disregarded recommendation” regardless of repeated efforts by the Dutch-listed tech agency’s former director to enhance governance.
Byju’s counts Normal Atlantic and Silver Lake as buyers.
It has delayed publishing its monetary outcomes, prompting auditor Deloitte and three board members stop in June. Its chief monetary officer additionally stop up to now week, as has its chief know-how officer.
Byju’s filed the delayed however incomplete monetary outcomes earlier this month, and is trying to unload whole enterprise strains to lift money.
The disclosure, made by interim CEO Ervin Tu throughout Prosus earnings name, is the newest lower to Byju’s valuation after a number of executives and board members stop and it delayed submitting its 2021/22 monetary outcomes by a yr.
Over the previous yr, shareholders together with Prosus and Blackrock have successively lower Byju’s valuation to USD 11 billion in March, USD 8 billion in Might and USD 5 billion in June.
Prosus on Wednesday didn’t give a cause for the valuation lower, however in July it stated the corporate’s administration “frequently disregarded recommendation” regardless of repeated efforts by the Dutch-listed tech agency’s former director to enhance governance.
Byju’s counts Normal Atlantic and Silver Lake as buyers.
It has delayed publishing its monetary outcomes, prompting auditor Deloitte and three board members stop in June. Its chief monetary officer additionally stop up to now week, as has its chief know-how officer.
Byju’s filed the delayed however incomplete monetary outcomes earlier this month, and is trying to unload whole enterprise strains to lift money.
