Major investor Prosus has written off the worth of its 9.6% stake in edtech firm Byju’s to zero, signaling a loss of confidence in the once-most valued Indian startup.
Prosus, the largest external investor in Byju’s, wrote off the startup “due to the significant decrease in value for equity investors,” it disclosed in its earnings report Monday.
Prosus — whose high-profile bets include Tencent, Delivery Hero, Swiggy and Stack Overflow — invested about $500 million in Byju’s over the years. It never sold any share in the Indian edtech startup, whose valuation climbed to as high as $22 billion early last year.
Prosus also reported value drops in other investments. Stack Overflow, bought for $1.8 billion, saw a 39% markdown. The group’s stake worth in Indian online pharmacy PharmEasy decreased by 35%, Prosus reported.
More to follow.