Byju's is not a decacorn anymore as BlackRock slashes its valuation to $8.4 billion

Amid the layoffs season, edtech giant Byju's, which has been continuously raising funds at a constant valuation of $22 billion, has faced a significant valuation cut by US-based investment firm BlackRock.

The giant investment firm, which manages trillions of dollars of assets, has slashed Byju's valuation by 62% to around $8.4 billion (as of March 31, 2023), taking it out from the decacorn startup club.

This isn't the first time the edtech giant faced a valuation cut. Previously, BlackRock slashed Byju's valuation by nearly 50% to $11.5 billion.

BlackRock, which owns 2,279 shares --- less than a 1% stake in the company --- has valued its stake at over $4 million.

The development comes a few weeks after BYJU’S raised $250 million in fresh funding at a flat valuation of $22 billion through structured instruments. The Bengaluru-based company is expected to close an additional $700 million from a sovereign fund at the same valuation.

Apart from Byju's, Elite startups like Ola, Swiggy, Pharmeasy, and Pine Labs, are also facing major valuation cuts by their investors.

Also Read:

• The Good Glamm Group onboards ex-Dabur executive Samrat Sehgal as Chief Supply Chain Officer