250M

Byju’s, the world’s most valuable edtech startup, has cut its valuation ask to $250 million in a rights issue it launched Monday as the Indian firm works to address its working capital needs. If Byju’s succeeds in raising $200 million, the post-money valuation of the startup will be in the range of $220 million to $250 million, a 99% drop from the $22 billion value that the startup had previously attained. The rights issue comes as Byju’s looks to secure capital amid a severe funding crunch. Byju’s was preparing to go public in early 2022 through a SPAC deal that would have valued the company at up to $40 billion. The company began facing mounting pressure from investors to address issues that it had previously left unresolved.