When Icarus comes too close to the sun!
"BlackRock, an investor in Byju’s, estimates that its stake of Indian edtech giant, once valued at $22 billion, is now worth nothing. The write-down in its estimations, disclosed in an SEC filing, makes Byju’s one of the most spectacular startup slides [crashes] in recent memory.
BlackRock’s disclosure for the period ending March this year follows a rough year for the Bengaluru-based startup, which was India’s most valuable startup not long ago. Byju’s struggled to meet its financial reporting deadlines last year, ultimately falling short of its revenue projections by more than 50% as it faced various governance issues. ..."
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