Global asset manager BlackRock has once again devalued its holdings in the Indian online education technology startup Byju’s. The implied valuation has been slashed from the previous mark of $22 billion set in early 2022 to a mere $1 billion, according to disclosures made by the asset manager.
BlackRock, which holds less than 1 percent of Byju’s, has chosen not to comment on the matter. BlackRock will announce its financial result on January 12. Byju’s, likewise, has not responded immediately to Reuters’ request for comments on the valuation adjustment.
This move by BlackRock follows a series of reductions in Byju’s valuation over the past year, TechCrunch reported. In November of the previous year, tech investor Prosus NV valued Byju’s at under $3 billion, while in May, BlackRock had lowered its valuation to approximately $8.4 billion.
Byju’s, an Indian edtech giant, has faced challenges recently. In late November, the company received a notice from the Enforcement Directorate (ED) and is expected to pay a fine for alleged violations of foreign exchange laws. The regulatory scrutiny adds to the pressures faced by Byju’s, impacting its overall financial standing and market perception.
