Once a unicorn, Byju's slashes valuation by 90% to raise funds as it files financials after 22-month gap
11 months ago

Once a unicorn, Byju's slashes valuation by 90% to raise funds as it files financials after 22-month gap

Firstpost  

Byju’s, a beleaguered edtech startup, is going to slash valuation by more than 90 per cent from its previous round to raise fresh funds and alleviate its financial troubles. Once counted among the world’s most valuable startups, Byju’s is seeking more than $100 million from existing investors through a fresh issuance of shares scheduled for February 2024, at a price that values the firm at less than $2 billion, which is around 90 per cent less than the $22 billion valuation the firm received during its previous round of funding in late 2022, a report by Bloomberg cited people familiar with the matter as saying. Byju’s finally discloses financial results for FY22 Byju’s, finally on Tuesday, filed its FY22 financials with the Ministry of Corporate Affairs almost 22 months after the reporting period ended. Byju’s FY22 financials showed that 69 percent or Rs 3,464 crore of the company’s operating revenue of Rs 5,014 crore came from domestic sales, whereas the rest came from exports.

Crore Billion Byju Fy22  share  raise  rs  valuation  cent  90  firm  funds  financials  fy22  saying  slashes  unicorn  files  gap  crore  billion  byjus

History of this topic

Byju's under scrutiny again: Government launches new investigation into finances
4 weeks ago

Byju's under scrutiny again: Government launches new investigation into finances

India Today  

The government has launched a fresh investigation into the financial and accounting practices of Byju’s, the troubled edtech giant. The new investigation comes after a previous review by the Ministry of Corporate Affairs highlighted lapses in corporate governance at the company, according to sources familiar with the matter, reported Bloomberg. NEW INVESTIGATION DETAILS The Registrar of Companies’ regional office in …

Why Has HSBC Cut Byju's Valuation To Zero? Understanding Edtech Giant's Crisis
6 months, 2 weeks ago

Why Has HSBC Cut Byju's Valuation To Zero? Understanding Edtech Giant's Crisis

News 18  

In a significant move, financial services giant HSBC has slashed the valuation of edtech company Byju’s to zero, as compared with the company’s valuation of $22 billion in 2022. “We assign zero value to Byju’s stake amid multiple legal cases and funding crunch,” according to the HSBC note. Forbes noted, “Only four people from last year’s list dropped off this …

Setback for Byju's as Australia-based investor slashes valuation by 98%
9 months, 3 weeks ago

Setback for Byju's as Australia-based investor slashes valuation by 98%

Hindustan Times  

Macquarie Capital, an Australia-based global financial services provider, has decided to slash by nearly 100% its valuation of struggling edtech firm Byju's, in which the former invested ‘a few million dollars’ in 2021, Bloomberg has reported quoting people familiar with the matter. This comes after Julius Baer Group Limited, a Swiss private banking group, accused Macquarie of charging clients based …

Byju’s woes shows failure to adjust to post-covid reality
10 months ago

Byju’s woes shows failure to adjust to post-covid reality

New Indian Express  

Troubled edtech firm Byju’s has been thrown a lifeline by disgruntled investors who have so far pledged to contribute $300 million to allow it to continue operations. The rights issue, expected to close by the end of the month, has valued the company at $200-250 million—a meltdown of about 95 percent from Byju’s peak valuation of $22 billion. Byju’s has …

Does the collapse of Byju’s mean the end of edtech?
10 months, 2 weeks ago

Does the collapse of Byju’s mean the end of edtech?

Live Mint  

Edtech giant Byju’s is struggling to meet salary and vendor payments. Claimed to be India’s first edtech unicorn, with valuation at its peak around March 2022, the company is now struggling to pay salaries. The issue, set to stay open for 30 days, suggests a stark reassessment of Byju's valuation of $22 billion as the company is willing to issue …

Byju's crisis explained: Why edtech firm, once valued at $22 bn, is witnessing financial downfall
10 months, 3 weeks ago

Byju's crisis explained: Why edtech firm, once valued at $22 bn, is witnessing financial downfall

Hindustan Times  

Ed-tech company Byju's has been grappling with a financial crisis, and in their latest move, the shareholders of the company have moved a resolution seeking the ouster of the founders from top leadership roles, including CEO Byju Raveendran. US-based investment firm Redwood cut a loan of $1.2 billion to Byju's in November 2021, but the ed-tech firm failed to make …

Byju’s likely to slash its valuation by 90% to raise fresh funds
11 months ago

Byju’s likely to slash its valuation by 90% to raise fresh funds

Live Mint  

Byju’s, once counted among the world’s most valuable startups, is seeking to raise funds at a discount of more than 90% from its previous round to alleviate its financial problems. The beleaguered Indian education provider is asking more than $100 million from existing investors through a fresh issuance of shares slated for next month, at a price that values the …

Blackrock marks down Byju's valuation to $1 bn
11 months, 1 week ago

Blackrock marks down Byju's valuation to $1 bn

Deccan Chronicle  

Chennai: The valuation of ed-tech start-up Byju’s has been further marked down to $1 billion by its investor Blackrock. According to disclosures, BlackRock valued Byju’s shares at about $209.6 in October 2023, down from the peak of $4,660 in 2022 – down by 95.5 per cent. While Prosus holds 3 per cent stake in Byju’s, Blackrock has 1 per cent …

BlackRock slashes Byju’s valuation to $1 billion, down 95%, says report
11 months, 1 week ago

BlackRock slashes Byju’s valuation to $1 billion, down 95%, says report

Live Mint  

Asset manager BlackRock has once again reduced its valuation of Indian ed-tech unicorn Byju’s, this time by around 95 percent from $22 billion to $1 billion, as per a Tech Crunch report citing company disclosures. Reversal of Fortune This valuation markdown represents a significant reversal of fortune for Byju’s, once considered the poster child of the Indian start-up ecosystem. Despite …

Byju’s targets to be profitable by March 2024, may layoff 3,000-3,500 workforce
1 year, 2 months ago

Byju’s targets to be profitable by March 2024, may layoff 3,000-3,500 workforce

Live Mint  

On account of consolidation and restructuring of the organization and settlement on a $1.2 billion loan, edtech major BYJU'S has set the target to become profitable by March 2024, reported news agency PTI citing sources. "Think and Learn Private Ltd restructuring will see the current operations spread across several business units streamlined into four core areas of K-12, test prep, …

Prosus slashes Byju’s valuation to $5 billion: Report
1 year, 5 months ago

Prosus slashes Byju’s valuation to $5 billion: Report

Live Mint  

Dutch-listed technology investor Prosus NV has slashed the valuation of Indian edtech startup Byju's to $5.1 billion, according to a TechCrunch report. Prosus had downsized the value of its 9.6 per cent stake in Byju's to around $493 million in the financial year ended March 31, the report added. Byju's is caught in what many see as a governance crisis …

BYJU’S woes | A timeline tracing why India’s Edutech giant is in trouble at home and abroad
1 year, 6 months ago

BYJU’S woes | A timeline tracing why India’s Edutech giant is in trouble at home and abroad

The Hindu  

The financial woes of India’s most successful edutech company Byju’s continue to worsen as it skipped payment of $40 million interest on its $ 1.2-billion loan on June 6. March 2023: Byju’s lenders accelerate loan repayment According to the company’s statement, the group’s lenders in U.S led by investment management firm Redwood accelerated the TLB repayment alleging certain non-monetary and …

Byju’s in funding talks with TPG, sovereign funds as debt weighs
1 year, 10 months ago

Byju’s in funding talks with TPG, sovereign funds as debt weighs

Live Mint  

Byju’s is in negotiations with investors including TPG to raise more than $500 million, a much-needed capital infusion that could help the world’s most valuable edtech startup stave off potential debt issues. Several investment firms including TPG and two Middle Eastern sovereign wealth funds have begun due diligence on the Indian company, which is hoping to keep its valuation steady …

PhysicsWallah results: Net profit in FY22 jumps over 14 times on revenue surge
2 years, 1 month ago

PhysicsWallah results: Net profit in FY22 jumps over 14 times on revenue surge

Live Mint  

PhysicsWallah FY22 results: On account of surge in revenue in the financial year 2021-22, India's edtech unicorn has posted another year of a profitable operations. In FY22, India's sole profitable edtech unicorn's net profit surged more than 14 times to ₹97.8 crore against ₹6.93 crore in previous financial year. In FY22, PhysicsWallah's employees benefit expenses accounted for more than 40 …

Byju Raveendran pens emotional farewell note to sacked staff
2 years, 1 month ago

Byju Raveendran pens emotional farewell note to sacked staff

Live Mint  

Edtech unicorn Byju’s founder sought forgiveness from the 2,500 employees who are in the process of being fired by the edtech, as it pursues a plan to achieve profitability by the end of FY23. We are having to part ways with 2500 of our colleagues,” chief executive and founder Byju Raveendran wrote in an internal letter to employees on Monday. …

Byju’s looks to lay off about 2,500 employees
2 years, 2 months ago

Byju’s looks to lay off about 2,500 employees

Live Mint  

Edtech unicorn Byju’s on Wednesday said it will lay off 2,500 employees accounting for 5% of its workforce, over the next six months, as it aims to become profitable by March 2023. These measures will help us achieve profitability in the defined time frame of March 2023,” said Mrinal Mohit, chief executive of Byju’s India business. Byju’s also said it …

Byju's clears USD 230 million dues to Blackstone for Aakash acquisition
2 years, 3 months ago

Byju's clears USD 230 million dues to Blackstone for Aakash acquisition

India TV News  

Edtech firm Byju's has cleared the USD 230 million payment that was due to private equity investment firm Blackstone for acquiring a majority stake in test preparatory firm Aakash Educational Services, according to sources privy to the development. "Byju's paid USD 230 million to Blackstone for acquiring a stake in Aakash," the source told PTI. Payment to Blackstone and non-closure …

Byju's Co-Founder Divya Gokulnath Compares Ed-Tech Firm's Results to 'Brahmastra'; Know Why
2 years, 3 months ago

Byju's Co-Founder Divya Gokulnath Compares Ed-Tech Firm's Results to 'Brahmastra'; Know Why

News 18  

Byju’s co-founder and director Divya Gokulnath has broken her silence on reports over the ed-tech firm’s financial performance in FY21 and FY22, saying that the second blockbuster release of this year, after the movie “Brahmastra”, was the financial results of the $22-billion company. In a social media post, Gokulnath said that while BYJU’s reported Rs 4,500 crore loss in FY21 …

India’s startup valuation race mustn’t be reckless
2 years, 3 months ago

India’s startup valuation race mustn’t be reckless

Live Mint  

There is a popular saying that a crisis is all you need to separate the strong from the weak. The economic crisis in the form of rising interest rates and shrinking systemic liquidity is taking its toll on tech startups which have been nourished on years of easy money and tidal waves of overseas investments in the form of private …

Byju’s valuation makes no sense to Harsh Goenka; Kiran Mazumdar-Shaw agrees
2 years, 3 months ago

Byju’s valuation makes no sense to Harsh Goenka; Kiran Mazumdar-Shaw agrees

Live Mint  

One of India’s most valuable startups, Byju’s, has grabbed the attention of Harsh Goenka and Kiran Mazumdar-Shaw, but for all the wrong reasons. The numbers confused Goenka, who tweeted, “Byju’s revenues - 2,280 crore; Byju’s losses- 4,588 crore. Contrarily, Byju's claimed that revenue increased four-fold to ₹10,000 crore in the fiscal year ended March 31, 2022, but the company did …

Byju's in talks to raise up to $1.5 billion after acquisition spree
3 years, 4 months ago

Byju's in talks to raise up to $1.5 billion after acquisition spree

India Today  

India’s leading edtech company Byju’s is in talks with several investors to raise approximately $1-$1.5 billion at a valuation of nearly $21 billion. The online tutoring company, which is the country’s most valuable startup, is reportedly seeking a 27 per cent jump from the earlier valuation of $16.5 billion, at which the company raised funds in June. In the past …

Edtech Unicorn Byju's to Acquire Rival Toppr for $150 Million: Reports
3 years, 10 months ago

Edtech Unicorn Byju's to Acquire Rival Toppr for $150 Million: Reports

News 18  

India’s largest edtech startup Byju’s is in late-stage talks to acquire its rival Toppr for roughly $150 million, according to reports. The report further quoted sources as saying that Toppr was seen a formidable rival by Byju’s, and the acquisition will bolster the latter’s position in the edtech space. Ever since online education was moved almost exclusively online, Byju’s has …

Edtech firm Byju’s to raise $200 million at $12 billion valuation
4 years, 1 month ago

Edtech firm Byju’s to raise $200 million at $12 billion valuation

Live Mint  

Bengaluru: Online education startup Byju’s is close to raising $200 million in a fresh funding round from American investment firms BlackRock and T. Rowe Price at a valuation of $12 billion, said a person familiar with the matter. The Bengaluru-based edtech firm had last raised $500 million in September from a group of investors including private equity firm Silver Lake …

Fresh funding round values Byju’s at $10.5 billion
4 years, 4 months ago

Fresh funding round values Byju’s at $10.5 billion

Live Mint  

DST Global, the late-stage venture capital fund backed by Israeli-Russian billionaire Yuri Milner, is in advanced talks to invest around $400 million in online education platform Byju’s, said two people aware of the talks. Bengaluru-based Byju’s will look to raise an additional $200 million from existing investors apart from DST in the ongoing round, said one of the two people …

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