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BlackRock cuts Byju's valuation again. This time by 62% to $8.4 billion

However, Byju's recently secured $250 million in fresh funding at a valuation cap of $22 billion

Byju's
BS Web Team New Delhi
1 min read Last Updated : May 30 2023 | 4:29 PM IST
BlackRock has once again cut the valuation of its holding in the Bengaluru-based startup Byju's to about $8.4 billion, according to a report by TechCrunch.

BlackRock joined Byju's cap table at a $12-billion valuation in 2020. In April 2022, BlackRock valued Byju's shares at about $4,660 per unit. This translated into a company valuation of about $22 billion. However, BlackRock marked down the value of its shares in Byju's to $2,400 per share at the end of December 2022.

In April, BlackRock reportedly reduced the valuation of Byju's by about 50 per cent to $11.5 billion from $22 billion.

However, Byju's recently secured $250 million in fresh funding at a valuation cap of $22 billion. This indicates that other investors still value the startup more than BlackRock.

It is important to note that BlackRock is not a substantial stakeholder in Byju's, and owns less than 1 per cent equity in the startup.

This price adjustment move by BlackRock is the latest in a series of valuation markdowns for Indian startups. Invesco cut the valuation of Swiggy by half recently. Pine Labs and Pharmeasy saw their values being cut by some investors.

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Topics :Byju'sStartupBlackRockfundings

First Published: May 30 2023 | 4:29 PM IST

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