Prosus Cuts BYJU'S Valuation Below $3 Billion
Nov 29, 2023 21:08
Dutch venture capital firm Prosus has lowered the valuation of edtech giant BYJU'S below USD 3 billion, according to a top executive. The news comes amid challenges faced by the company.
New Delhi, Nov 29 (PTI) Dutch venture capital firm Prosus has lowered the valuation of edtech firm BYJU'S below USD 3 billion, a top executive of the company said on Wednesday.
Prosus Interim CEO Ervin Tu during the company's earning call for the first half of the financial year 2024 said that the valuation of BYJU's is "sub-USD 3 billion" without disclosing exact numbers.
The official said that discussions are on with BYJU'S on a daily basis which is facing a lot of challenges in the business.
The company in the earning reports said that it has "discontinued equity accounting BYJU'S and Udemy".
Meanwhile, Prosus fintech subsidiary PayU's revenues grew significantly during the first half of FY 2024 driven by growth from existing merchants, Wibmo and its omnichannel business.
India accounted for approximately 48 per cent of PayU's total revenues. The revenue of PayU increased by 15 per cent to USD 211 million in India, according to the company's report.
BYJU'S was last valued at over USD 22 billion in October 2022, when it raised USD 250 million in a funding round.
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