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Byju’s seeks new funding at less than $2 billion valuation, a 90% drop
Byju's, once valued at $22 billion, is willing to cut its valuation to below $2 billion as it hunts for new funding, a person familiar with the matter Byju's, once valued at $22 billion, is willing to cut its valuation to below $2 billion as it hunts for new funding.
Instead, Byju’s ended up raising less than $150 million in that round from Davidson Kempner and had to payback the investor the full amount after making a technical default in a separate $1.2B TLB loan. The new funding deliberation follows BlackRock cutting the value of its holding in Byju’s, slashing the implied valuation of the Indian startup to about $1 billion, according to disclosures made by the asset manager. Byju’s, which gained initial popularity in India because its tutors used intuitive ways — tackling complex concepts using real-life objects such as pizza and cake — has raised over $5 billion in equity and debt in the past decade.
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