Main investor Prosus has written off the price of its 9.6% stake in edtech agency Byju’s to zero, signaling a lack of confidence within the once-most valued Indian startup.
Prosus, the most important exterior investor in Byju’s, wrote off the startup “as a result of vital lower in worth for fairness traders,” it disclosed in its earnings report Monday.
Prosus — whose high-profile bets embrace Tencent, Supply Hero, Swiggy and Stack Overflow — invested about $500 million in Byju’s through the years. It by no means offered any share within the Indian edtech startup, whose valuation climbed to as excessive as $22 billion early final 12 months.
Prosus additionally reported worth drops in different investments. Stack Overflow, purchased for $1.8 billion, noticed a 39% markdown. The group’s stake value in Indian on-line pharmacy PharmEasy decreased by 35%, Prosus reported.
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