Prosus writes off Byju's stake, marking $493 million in loss

Updated : Jun 24, 2024 16:27
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Editorji News Desk

Amid the crisis that Byju’s has been facing, Prosus has written off its 9.6% stake in the Ed tech startup, citing the dramatic decline in its value.

In its annual report for FY24, Prosus stated it has impaired Byju's to zero due to insufficient information on the company’s financial health, liabilities, and future prospects. Prosus has been progressively lowering the valuation of its Byju’s stake over the past two years.

Also read/watch - This Bengaluru-based startup lays off 80% of workforce amid funding struggles

In November, it valued the stake at 3 billion dollars, having initially invested about 530 million dollars for a 9.67% stake, which was diluted in the previous year.

Alongside other investors like PeakXV Ventures, General Atlantic, and Sofina, Prosus is engaged in efforts to remove founder Byju Raveendran as CEO.

The drastic drop in Byju's valuation has also affected founder Byju Raveendran’s net worth, reducing it to zero according to the Forbes Billionaire Index 2024. Previously, his net worth was approximately 2.1 billion dollars.

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