28-November-2022
Corporate News
 
Prosus values 9.67% stake in Byju’s at $578 million
24-Nov-2022

At a time when valuations of tech firms are under pressure, Netherlands-based Prosus NV, a venture capital (VC) investor, has pegged the fair value of its 9.67% stake in Byju’s at $578 million at the end of September quarter. This technically puts the current valuation of the edtech firm at $6 billion, but industry analysts say this is more of an accounting treatment than a markdown. The edtech major was last valued at $22 billion in a deal in October. “Prosus changed the accounting treatment for Byju’s and in subsequent reporting periods, the company will be accounted for as an investment. The provision of Byju’s audited financials did not align with timing of the close of our financial reporting periods, so we did not have sufficient information to make fair assumptions for our Group’s financial statements,” Prosus said in a statement. “The fair value of the group’s Byju’s investment was determined by a third-party firm,” Prosus added.

News Source:- https://www.financialexpress.com/industry/prosus-values-9-67-stake-in-byjus-at-578-million/2889399/