Prosus writes off its entire stake in Byju’s

In February, the Naspers-owned investment firm was among the key shareholders who called for an EGM to remove founder and CEO Byju Raveendran and family from the edtech company’s board.

Global investment major Prosus has written off its entire 9.6% stake in Bengaluru-based edtech startup Byju’s. The Netherlands-based company, which has also backed Tencent, Swiggy and Stack Overflow, was Byju’s largest external investor. Over the years, it has reportedly invested over $570 million in the company.

In its annual report, Prosus said it “wrote off the fair value of its 9.6% effective interest in Byju’s, due to the decrease in value for equity investors. A fair value loss of $493 million was recognised in other comprehensive income in the current year”.

The write-off by Prosus comes after repeated slashing …

Author

Maanav D J

Maanav is a trainee journalist at The Morning Context. He studied journalism and international relations at St. Joseph’s in Bengaluru.

Trainee journalist

maanav@mailtmc.com