Prosus marks $493 mn loss in Byju’s, writes off stake

BENGALURU: Investment firm Prosus on Monday said it has written off its 9.6% stake in Byju’s. In its FY24 annual report, the Naspers-owned firm said a fair value loss of $493 million was recognised in other comprehensive income in the current year.

In a statement, Prosus said, “We impaired Byju’s mark down to zero at the end of FY24. The fair value written down was $493 mn for FY24. We have written down Byju’s because we have inadequate information on Byju’s financial health, liabilities, and future outlook.”