Prosus cuts India's Byju's valuation to under $3 billion

FILE PHOTO: Byju's logo is seen in this illustration taken, June 22, 2023. REUTERS/Dado Ruvic/Illustration

MUMBAI (Reuters) - Tech investor Prosus NV said on Wednesday it was valuing Indian education firm Byju's at under $3 billion, 86% less than its peak valuation of $22 billion last year, after the company struggled with governance and cash-flow problems.

The disclosure, made by interim CEO Ervin Tu during Prosus earnings call, is the latest cut to Byju's valuation after several executives and board members quit and it delayed filing its 2021/22 financial results by a year.