Prosus, an investor in Indian edtech giant Byju's, has reduced the company's valuation to below $3 billion. Byju's founder, Byju Raveendran, pledged his and his family's homes as collateral to borrow around $12 million to address a cash crunch and pay staff. This move comes as Byju's and other struggling companies have not affected Prosus' overall belief in the edtech sector.
Sources: Byju's founder Byju Raveendran pledged his and his family's homes as collateral to borrow ~$12M to raise money to pay staff, to fight a cash crunch (Anto Antony / Bloomberg) https://t.co/qyyU1Bm0oe 📫 Subscribe: https://t.co/OyWeKSRpIM https://t.co/Vyngj4UV53
Working to improve edtech returns: Ervin Tu, interim CEO of Byju’s investor Prosus Tu added that investments in companies such as Byju’s and Stack Overflow, which are struggling, have not affected its overall belief in the sector. https://t.co/g918vYC9m7
Prosus slashes Indian edtech giant Byju’s valuation to ‘sub-$3 billion’: https://t.co/foc1BwAPBq by TechCrunch #infosec #cybersecurity #technology #news
Prosus slashes Indian edtech giant Byju's valuation to 'sub-$3 billion' https://t.co/PGIFhBh8AP by @refsrc
Prosus has marked down the valuation of Byju's, India's most valuable startup, to "sub-$3 billion."