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.
Prosus, one of Byju's largest investors, publicly slammed the startup, alleging it 'regularly disregarded advice' from the backer. Amid the funding crunch, Byju's then raised $200 million at a post-money valuation of about $250 million this year.
The bank estimates that a number of other startups have also faced significant devaluations, such as Pharmeasy, Meesho, DeHaat, ElasticRun, Stack Overflow, and GoodHabitz, indicating a broader trend in the startup landscape.
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