Investment firm Prosus has written off its $493 million investment in Byju’s, marking its 9.6% stake as worthless due to a lack of financial clarity and ongoing legal issues.
Once valued at $22 billion, Byju’s has faced significant challenges, including a recent valuation drop to $1 billion by BlackRock. Key investors have pushed for leadership changes, filing a lawsuit against Byju Raveendran. The firm is also dealing with involuntary Chapter 11 proceedings in the US for its subsidiaries. Byju’s has contested a court order restricting its shareholding actions.