BlackRock has cut the value of its holding in Byju’s, slashing the implied valuation of the Indian startup to $1 billion from $22 billion early 2022, according to disclosures made by the asset manager.
At the end of October last year, BlackRock said it valued Byju’s shares at about $209.6 apiece, down from the peak of $4,660 in 2022. The asset manager, like other mutual fund investor, makes multiple disclosures about its portfolio in a year, but doesn’t explain its rationale behind any valuation adjustments.
BlackRock, which owns less than 1% of Byju’s, didn’t immediately respond to a request for comment Thursday. Byju’s declined to comment.
This isn’t the first time BlackRock has cut the worth of its holding in Byju’s. And BlackRock isn’t the only investor that has severely downgraded how they value Byju’s, but the new adjustment by BlackRock is by far the most drastic. Prosus, which owns about 9% in Byju’s, said late last year that it valued Byju’s at “sub $3 billion.” At $22 billion, Byju’s ranked as India’s most valuable startup.
More to follow.
