Byju's posts FY22 financials 22 months late, losses balloon to ₹8,245 crore thehindubusinessline.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thehindubusinessline.com Daily Mail and Mail on Sunday newspapers.
India Business News: Byju's losses surge to Rs 8,245 crore in FY22. Auditor cites "material uncertainty" over loan repayment. Byju's valuation drops to $1 billion. Byju's
Byju s plans to raise funds at a lower valuation of $7-8 billion as the embattled edtech major looks to shore up its financials with adequate liquidity, a senior company executive said on Tuesday.
Banking on overall improved performance , Think and Learn, the parent of Byju s, is hopeful of a higher valuation ahead of its rights issue being planned in February to raise funds.
Byju s India chief financial officer Nitin Golani said the company is in need of funds and plans to raise it at a lower valuation to make the offer lucrative for investors as well as ensure adequate liquidity support for the edtech firm.
BlackRock has again reduced the valuation of its share in edtech firm Byju s - this time to about $1 billion, TechCrunch reported on Friday, citing disclosures made by the US-based asset manager.
This is 95 per cent less than its peak valuation of $22 billion in 2022.
The markdown comes at a time when the company is facing a multitude of challenges, including securing fresh capital, delays in financial reporting and legal disputes with lenders.