Prosus writes off Byju’s bet, sees zero value in 10% stake
Business new tamfitronics MUMBAI: For Prosusone of Byju’s largest investors, the startup now has zero value. The company has written off the fair value of its 9.6% stake in Byju’s, the Netherlands-based technology investor said in its FY24 annual report on Monday, marking a steep downturn for a startup which was once valued at $22 billion. “We impaired Byju’s down to zero at the end of FY24.We have written down Byju’s primarily because we have inadequate information on the company’s financial health, liabilities and future outlook,” a company spokesperson said. Prosus, which has infused over $500 million into the troubled startup, said that it has recognised a fair value loss of $493 million on its investment in Byju’s in FY24.A series of financial and corporate governance lapses cost Byju’s the trust of its...
