In a regulatory filing made on January 5 with the US Securities and Exchange Commission for the quarter ended October 2023, BlackRock has valued its shares at $209.57 apiece. It holds less than 1% stake in the firm. This would ascribe a valuation of around $1 billion to the struggling edtech company. Earlier BlackRock had valued it at $8.2 billion at the end of March quarter of 2023.
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Byju’s was last valued at $22 billion during its last fundraising in October 2022. Since then, the company has seen a significant fall in the scale of its operations and is looking to sell assets to clear debt.
Separately in November, Prosus also marked down Byju’s valuation to below $3 billion compared to the $5.1 billion valuation it had ascribed to the company in March last year.
ET reported on July 26 that Peak XV Partners, formerly Sequoia Capital India, had told its limited partners (LPs) it will have to significantly mark down the value of its holding in Byju’s due to a lack of visibility into the firm’s audited financial results.
Byju’s has been under the scanner for delays in reporting its financial results, its business practices including alleged mis-selling of courses. It continues negotiate terms with its $1.2 billion TLB lenders while the Enforcement Directorate has also sent notices over alleged Fema violation.
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US news publication TechCrunch first reported about Byju’s markdown by BlackRock.