BlackRock, the global leader in asset management and a minority shareholder in Byju’s, has reduced the valuation of its stake in the Indian edtech startup for the second time this year. During the quarter ended 31 March, BlackRock marked down the value of its shares in Byju’s by 26% compared to the previous three months, and by a substantial 62% from a year ago.
Consequently, Byju’s estimated valuation as of 31 March stood at less than $8.4 billion, to mark a significant drop from its valuation of $22 billion a year earlier.
BlackRock’s action comes weeks after Byju’s raised $250 million in debt from Davidson Kempner Capital Management, a US investment manager, as part of its ongoing $1-billion funding round at a valuation of $22 billion.
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