BlackRock has yet again cut the value of its holding in Byju’s, slashing the implied valuation of the Indian startup to $1 billion from $22 billion in early 2022, according to disclosures made by the asset manager.
At the end of October last year, BlackRock said it valued Byju’s shares at about $209.6 apiece, down from the peak of $4,660 in 2022.
This isn’t the first time BlackRock has cut the worth of its holding in Byju’s — and BlackRock isn’t the only investor that has severely downgraded how they value Byju’s, but the new adjustment is by far the most drastic.
Prosus, which owns about 9% in Byju’s, said late last year that it valued Byju’s at “sub $3 billion.” At $22 billion, Byju’s ranked as India’s most valuable startup.
The valuation markdown is a stunning reversal in fortune for Byju’s, once the poster child of the Indian startup ecosystem.
The investors surveyed clearly aren’t the only ones who are excited about a potential Stripe exit in 2024, either.
According to secondary data tracker Caplight, there has been an absolute flurry of buyers looking to get shares in the company in recent months.
On Tuesday, literally the day after New Year’s Day, a secondary sale closed that valued Stripe shares at $21.06 apiece; that values the startup at $53.65 billion, according to Caplight data.
There are a few reasons why this deal is worth paying attention to.
For one, Stripe’s $53 billion value marks an increase from the company’s most recent primary round last March, when Stripe was valued at $50 billion.
As search engine incumbents — namely Google — amp up their platforms with gen AI tech, startups are looking to reinvent AI-powered search from the ground up.
Srinivas, Perplexity’s CEO, previously worked at OpenAI, where he researched language and gen AI models along the lines of Stable Diffusion and DALL-E 3.
This reporter is skeptical about the longevity of gen AI search tools for a number of reasons, not least of which AI models are costly to run.
Concerns around misuse and misinformation inevitably crop up around gen AI search tools like Perplexity, as well — as they well should.
Some plaintiffs, like The New York Times, have argued gen AI search experiences siphon off publishers’ content, readers and ad revenue through anticompetitive means.
Startup valuations — especially at the later stages — have come down drastically over the last year and a half of the ongoing market correction.
Companies that once boasted sky-high valuations like Klarna and Getir have seen their valuations slashed in their latest funding rounds.
Outside of Klarna and Getir, though, very few late-stage companies have raised new primary rounds since the booming 2021 market.
This is a noticeable haircut from the $25 billion valuation it garnered in 2021.
A recent survey of venture secondaries investors found that for those who focus on the industry, many think prices may still have room to drop.
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