Prosus writes off $22 billion Indian edtech big Byju’s

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Main investor Prosus has written off the value of its 9.6% stake in edtech agency Byju’s to zero, signaling a lack of confidence within the once-most valued Indian startup.

Prosus, the most important exterior investor in Byju’s, wrote off the startup “because of the vital lower in worth for fairness traders,” it disclosed in its earnings report Monday.

Prosus — whose high-profile bets embody Tencent, Supply Hero, Swiggy and Stack Overflow — invested about $500 million in Byju’s over time. It by no means offered any share within the Indian edtech startup, whose valuation climbed to as excessive as $22 billion early final 12 months.

Prosus additionally reported worth drops in different investments. Stack Overflow, purchased for $1.8 billion, noticed a 39% markdown. The group’s stake value in Indian on-line pharmacy PharmEasy decreased by 35%, Prosus reported.

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