Prosus writes off 9.6% stake in Byju’s, marking $493 million in loss

Investment firm Prosus announced on Monday that it has written off the value of its 9.6 per cent stake in troubled edtech company Byju’s. The Naspers-owned investment firm cited a “significant decrease in value for equity investors” as the reason for this decision.

This development is indicative of Byju’s severe financial struggles. The edtech firm has seen its valuation dramatically decline, with most financial investors now attributing a value close to zero to the company.

“A fair value loss of $493 million was recognised in other comprehensive income in the current year,” Prosus said in a stock exchange filing in the Netherlands.