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

MUMBAI (Reuters) – Prosus (OTC:) NV, an investor in once-hot Indian education firm Byju’s said on Wednesday it is valuing the firm at under $3 billion, 86% less than its peak valuation of $22 billion last year, as the company has struggled with governance and cash flow problems.

The disclosure, made by interim CEO Ervin Tu during Prosus earnings call, is Byju’s latest and most significant valuation cut.