BlackRock slashes India’s Byju’s valuation by 95% to $1 billion – TechCrunch

(Reuters) – BlackRock has yet again cut the value of its holding in Byju’s, slashing the implied valuation of the Indian education tech startup to $1 billion from $22 billion mark set in early 2022, TechCrunch reported on Friday, citing disclosures made by the asset manager.

BlackRock, which owns less than 1% of Byju’s, declined to comment, while Byju’s did not immediately respond to a Reuters request for comment.

Tech investor Prosus NV valued Byju’s at under $3 billion in November last year after BlackRock cut its valuation to about $8.4 billion in May, the report said.

Amid a string of setbacks, Byju’s received a notice from Enforcement Directorate (ED) in late November and is expected to pay a fine for alleged violations of foreign exchange laws.

(Reporting by Harshita Meenaktshi in Bengaluru; Editing by Shweta Agarwal)