BlackRock slashes Byju's valuation by 95% to $1bn

US-based asset manager BlackRock which holds a minority stake in troubled edtech startup Byju's has slashed the company's valuation to $1 billion as of October 2023. This is a 95% drop from its peak valuation of $22 billion at which the startup had raised $250 million in funding from investors in October 2022. The disclosure was made as part of recent filings made by the US firm's affiliate BlackRock Global Allocation Fund with the US SEC. Last year, BlackRock had cut the startup's valuation to $8.4 billion.

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