BlackRock slashes Byju's valuation by 95% down to $1 billion

BlackRock has yet again slashed the valuation of its portfolio company Byju’s in the third instance of such markdown since 2023.

According to the firm’s semi-annual report, BlackRock which holds less than 1 percent shares of Byju’s, has cut down its fair value effectively valuing the embattled edtech company to $1 billion from the $22 billion mark set in early 2022, as of October, 2023.

The asset management company earlier reduced the fair value of Byju's by 62 percent, valuing it at $8.4 billion in May 2023. TechCrunch was the first to report on the development, noting that the asset manager reduced the valuation based on certain disclosures.

This comes in a series of valuation downgrades by Byju’s’ investors over the past year. Most recently in November, tech investor Prosus marked down the value of its stake in Byju's, resulting in a company valuation of less than $3 billion, representing an 86 percent decline from the previous valuation of $22 billion.