Prosus stake in Byju’s worth zero: HSBC

Dutch-listed technology investment firm Prosus’ nearly 10% stake in Byju’s has no value, HSBC said, alluding to a deepening cash crunch and legal battles at the troubled Indian edtech firm.

“We assign zero value to Byju’s stake amid multiple legal cases and funding crunch,” HSBC said in a note on May 21. “Previously, we valued around 10% stake in Byju’s by applying (an) 80% discount to the latest publicly disclosed valuation.”