BlackRock has drastically cut BYJU'S valuation from $22 billion to $1 billion, dealing a major blow to the once-celebrated Indian start-up.
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Struggling start-up
In 2023, investor Prosus valued BYJU'S at under $3 billion, while the company currently struggles with raising capital, meeting payroll, and managing massive debt.
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Revenue target failure
Last month, BYJU'S disclosed its failure to achieve its revenue target for the fiscal year ending March 2022.
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Leadership exits
The start-up saw the departure of its CFO Ajay Goel after less than seven months of joining. Auditor Deloitte also made an exit along with three of the board members in June.
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Investor criticism
Additionally, in July, Prosus publicly criticized the Bengaluru-based start-up for its lack of progress and ignoring investor advice despite repeated attempts.