Prosus cuts Byju’s valuation to under $3 billion

Netherlands-based technology investor Prosus, which holds about 9.6% stake in Byju’s, has marked down the startup’s valuation to under $3 billion. This translates into an 86% drop from its peak valuation of $22 billion at which the troubled firm had raised $250 million from investors in October last year. The disclosure was made by Ervin Tu, the interim group CEO of Prosus and Naspers, during the firm’s post earnings call on Wednesday. Earlier this year, Prosus valued the startup at $5.1 billion.

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