Byju’s, the Indian education technology giant once valued at a staggering $22 billion, has seen its valuation drop to zero, according to major investors like BlackRock and HSBC. This dramatic downfall comes after a period of rapid growth followed by mounting legal and financial troubles.
Byju’s, known for its sponsorship of the Indian cricket team, rose to prominence as a leader in the online learning space. In 2022, the company secured $800 million in funding, further solidifying its position as a high-flying startup.
However, recent months have painted a different picture. BlackRock and HSBC, once bullish on Byju’s, have slashed their valuation of the company to zero. This dramatic shift comes amidst reports of Byju’s facing legal issues and financial difficulties.
Also read: India’s Gautam Adani Surpasses Mukesh Ambani To Become Asia’s Richest Person
Earlier this week, a group of lenders reportedly filed a petition in a US court seeking bankruptcy proceedings against Byju’s subsidiaries over a $1.2 billion loan. Additionally, the company implemented drastic cost-cutting measures, including a 90% salary reduction for new sales recruits.
What do you think of the story? Share your thoughts and stay tuned for more latest news.
