MUMBAI: US-based asset supervisor BlackRock which holds a minority stake in troubled edtech startup Byju’s has slashed the corporate’s valuation to $1 billion as of October 2023. This can be a 95% drop from its peak valuation of $22 billion at which the startup had raised $250 million in funding from traders in October 2022.
The disclosure was made as a part of current filings made by the US agency’s affiliate BlackRock International Allocation Fund with the US SEC.Final yr, BlackRock had minimize the startup’s valuation to $8.4 billion.
The filings confirmed that BlackRock valued the shares of Byju’s at about $209.6 apiece, down from the height of $4,660 in 2022, successfully translating right into a valuation of $1 billion. The event provides to the spate of valuation markdowns that Byju’s has seen over the previous a number of months. In November final yr, the startup’s different investor Prosus had valued it at below $3 billion. As soon as a celebrated startup, traders have put in additional than $5 billion into Byju’s.
The disclosure was made as a part of current filings made by the US agency’s affiliate BlackRock International Allocation Fund with the US SEC.Final yr, BlackRock had minimize the startup’s valuation to $8.4 billion.
The filings confirmed that BlackRock valued the shares of Byju’s at about $209.6 apiece, down from the height of $4,660 in 2022, successfully translating right into a valuation of $1 billion. The event provides to the spate of valuation markdowns that Byju’s has seen over the previous a number of months. In November final yr, the startup’s different investor Prosus had valued it at below $3 billion. As soon as a celebrated startup, traders have put in additional than $5 billion into Byju’s.
