MUMBAI: Tech investor Prosus NV on Wednesday said it is valued Indian Education Firm Byju’s is valued at less than US$3 billion, down 86% from its peak valuation of US$22 billion last year, after the company grappled with governance and cash-flow problems.
The latest cuts are revealed by interim CEO Erwin Tu during a Prosus earnings call. Byju’s valuation It delayed 2021/22 filing after several executives and board members stepped down financial result For one year.
Over the past year, shareholders including Prosus and BlackRock have successively cut byju’s The valuation rose to US$11 billion in March, US$8 billion in May and US$5 billion in June.
Prosus on Wednesday gave no reason for the valuation cut, but in July it said the company’s management had “regularly consulted” despite repeated attempts by the former director of the Dutch-listed tech firm to improve governance. “Ignored”.
Byju counts General Atlantic and Silver Lake among its investors.
It has delayed publishing its financial results, indicating auditor deloitte And three board members resigned in June. Last week, its chief financial officer and its chief technology officer also stepped down.
Byju’s filed delayed but incomplete financial results earlier this month, and is considering selling entire business lines to raise cash.
The latest cuts are revealed by interim CEO Erwin Tu during a Prosus earnings call. Byju’s valuation It delayed 2021/22 filing after several executives and board members stepped down financial result For one year.
Over the past year, shareholders including Prosus and BlackRock have successively cut byju’s The valuation rose to US$11 billion in March, US$8 billion in May and US$5 billion in June.
Prosus on Wednesday gave no reason for the valuation cut, but in July it said the company’s management had “regularly consulted” despite repeated attempts by the former director of the Dutch-listed tech firm to improve governance. “Ignored”.
Byju counts General Atlantic and Silver Lake among its investors.
It has delayed publishing its financial results, indicating auditor deloitte And three board members resigned in June. Last week, its chief financial officer and its chief technology officer also stepped down.
Byju’s filed delayed but incomplete financial results earlier this month, and is considering selling entire business lines to raise cash.