Byju’s crisis increases, Prosus reduces valuation to zero

Investment company Prosus has written off its entire stake of $578 million (about Rs 4,800 crore) in edtech company Byju’s. Also, Byju’s valuation has been reduced to zero. Prosus had a 9.6 percent stake in the company. After this move, the valuation of Byju’s, which is facing crisis, will take a big blow.

Prosus is one of the four investor companies that have approached NCLT against Byju’s management and its $200 million right issue. Apart from Byju, Prosus has invested in many Indian startups. Earlier, on May 21, financial firm HSBC also reduced Byju’s valuation to zero, saying there were serious doubts on its future.