Recently tech investor firm Prosus has written off the fair value of its 9.6% stake in Indian edtech Start Up firm Byju’s during the financial year 2024.<\/p>\n\n\n\n
Prosus cited due to the significant decrease in value for equity investors they had to write off 99.6% stake and $493 million was recognized in other comprehensive income during the year, Prosus added in its annual report.<\/p>\n\n\n\n
Prosus\u2019s stake in the online tutor company Byjus was estimated to be worth about $2 billion just two years ago, when Byju\u2019s was riding a peak valuation of $22 billion.<\/p>\n\n\n\n
Few years ago the Dutch investment firm Prosus first backed Byju\u2019s six years ago, before the edtech firm got famous with the title as India\u2019s most-valuable start-up.<\/p>\n\n\n\n
In 2015, the company launched Byju’s learning app, which catered to students from kindergarten to class 12 and 2019, Byju’s had become India’s first ed-tech unicorn.<\/p>\n\n\n\n
The start-up valued at over $1 billion but down the line within 6 years we witnessed how Byju\u2019s failed to live upto investors\u2019 expectations and the company.<\/p>\n\n\n\n
Top Investors threatened to take of stakes of and investors wanted more clarity and oversight on the funds amid alleged mismanagement by the company\u2019s founders.<\/em><\/p>\n\n\n\n This makes the Dutch firm the first to fully write-off its investment in the troubled start up.<\/p>\n\n\n\n <\/p>\n\n\n\n Byju’s was once India’s most promising start up, valued at $22 billion in 2022.<\/p>\n\n\n\n Continuous financial, legal and operational problems have eroded almost all of its valuation. And Byju\u2019s is still struggling with governance and cash-flow problem.<\/p>\n\n\n\n Reason Dutch Investment Firm Prosus \u2018write off\u2019 9.6% Stake in Edtech Byju\u2019s<\/strong><\/p>\n\n\n\n Recently tech investor firm Prosus has written off the fair value of its 9.6% stake in Indian edtech Start Up firm Byju’s during the financial year 2024. Prosus cited due to the significant decrease in value for equity investors they had to write off 99.6% stake and $493 million was recognized in other comprehensive income […]<\/p>\n","protected":false},"author":3,"featured_media":3035,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"tdm_status":"","tdm_grid_status":"","footnotes":""},"categories":[643,640],"tags":[1047,1051,773,1049,1048,1050],"class_list":{"0":"post-3034","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-start-up-news","8":"category-founders-corner","9":"tag-byju","10":"tag-cashflow","11":"tag-governance","12":"tag-investement","13":"tag-prosus","14":"tag-stake"},"yoast_head":"\n\n