Major investor Prosus has written off its 9.6% stake in Indian edtech firm Byju’s, signaling a significant decline in confidence in the startup. According to Prosus’ earnings report on Monday, the write-off is due to the significant decrease in value for equity investors.
Prosus, a major player with high-profile investments including Tencent, Delivery Hero, Swiggy, and Stack Overflow, initially invested around $500 million in Byju’s over the years. The company had not sold any shares in Byju’s, whose valuation reached as high as $22 billion in early 2023.
In addition to Byju’s, Prosus also reported value decreases in other investments. The group’s stake in Stack Overflow, which was acquired for $1.8 billion, saw a 39% markdown. Prosus also reported a 35% decrease in the value of its stake in Indian online pharmacy PharmEasy.
