Prosus writes off $493 mn investment in Byju’s

Netherlands-based tech investor Prosus on Monday said it has written off its 9.6 per cent stake in troubled edtech firm Byju’s involving a fair value loss of $493 million (Rs 4,115 crore).

“In the current financial year, the group wrote off the fair value of its 9.6 per cent effective interest in Byju’s due to the decrease in value for equity investors. A fair value loss of $493 million was recognised in other comprehensive income in the current year,” Prosus said in a statement on Byju’s impairment issued on Monday.