In a surprising move, financial giant BlackRock has significantly downgraded the valuation of Indian edtech unicorn BYJU's by 95%, now valuing the company at $1 billion.
This drastic reduction comes amidst concerns over the edtech sector's growth sustainability and potential market saturation. BYJU's, once valued at $16.5 billion, has faced challenges in maintaining its earlier momentum, prompting BlackRock to reevaluate its worth.
This development raises questions about the overall health of the edtech industry and investor confidence in its long-term viability. The sharp decline in BYJU's valuation underscores the volatility in this sector, prompting a reexamination of investment strategies and market expectations.