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BlackRock Drops Byju’s Stake Value to Zero

BlackRock, investor in Byju’s, has made a stunning revelation: their once-esteemed stake in the Indian edtech giant
June 9, 2024

Prepare for a stunning startup saga: BlackRock, once holding a stake in Byju’s valued at $22 billion, now values it at zero. The Bengaluru-based edtech giant, once the crown jewel of India's startup scene, has faced a tumultuous year, missing financial deadlines, grappling with governance issues, and witnessing the departure of key board members.

Amidst a fundraising frenzy, Byju’s managed to secure $200 million, but this investment is now entangled in legal disputes with major investors. Prosus, another key investor, publicly criticized Byju’s for ignoring advice, adding to the company's woes.

BlackRock's decision to write down Byju’s valuation to zero is a sharp turn from its previous valuation of about $1 billion just months ago. Similarly, HSBC estimates Prosus’ stake in Byju’s to have plummeted, along with its investments in other startups like Meesho and Pharmeasy.

The edtech sector, once soaring, now faces a market correction, with HSBC applying a 50% discount to recent funding rounds. The future of Byju’s, once a beacon of Indian entrepreneurship, now hangs in the balance, marking one of the most dramatic slides in recent startup history.

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