valuable

Apps, Enterprise, Robotics & AI, Startups

The Unexpected Downfall of India’s Most Successful Startup: From Riches to Ruin

In a research note, HSBC estimates that the Indian edtech giant, 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 and follows a very rough year for what was India’s most valuable startup not long ago. After raising $100 million, AI mortgage startup LoanSnap is facing an avalanche of lawsuits and has been evicted from its main office. At least seven creditors, including Wells Fargo, have collectively alleged that the company owes them more than $2 million. Read MoreTurns out, AI models have favorite numbers: Engineers at Gramener performed an informal experiment where they asked several major LLM chatbots to pick a random number between 0 and 100.

Zara Khan
June 8, 2024

Startups, Venture

HSBC’s Valuation of $22 Billion Byju’s Plummets to $0

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.