estimates

In a research note, HSBC estimates that the Indian edtech giant Byju’s, once valued at $22 billion, is now worth nothing. The write-down in its estimation makes Byju’s one of the most spectacular startup slides in recent memory. Those issues — coupled with abrupt resignations from its auditor and board members — contributed to derailing a $1 billion fundraise deliberation by Byju’s. Prosus, one of Byju’s largest investors, publicly slammed the startup, alleging it “regularly disregarded advice” from the backer. It stands to reason then, that in the research note HSBC also estimated the value of Prosus’ 10% stake in the Indian startup to be zero because of the ongoing legal cases and funding crunch.