Byju’s, Once Valued At $22 Billion, Is Now Worth “Zero” | Companies News

The embattled edtech firm is struggling to pay employee salaries amid mounting legal battles. “Byju’s is facing multiple headwinds. We and other shareholders are working everyday to improve the situation. We are in close discussions with the company every day,” a senior Prosus executive was quoted as saying in reports late last year. (Also Read: BSE Denies Technical Glitch On June 4 Causing Mutual Fund To Lose Money On Election Day)

In fact, Byju’s was preparing to go public in early 2022 through an SPAC deal that would have valued the company at up to $40 billion. In January this year, US-based investment firm BlackRock (NYSE:BLK) cut the value of its holding in Byju’s to a mere $1 billion from $22 billion in early 2022. BlackRock owns less than 1 per cent of Byju’s. (Also Read: RBI Sticks To 6.5% Key Lending Rate For 8th Consecutive Time, Fighting Inflation Remains Focus)

Earlier this week, a group of lenders petitioned against the new entities tied to Byju’s US subsidiary into bankruptcy in a US court, alleging that these entities are not paying their debts.