The world’s largest asset manager, BlackRock, has further marked down the valuation of edtech firm Byju’s, three months after it first reduced the value of its holdings in the Indian company.

In a regulatory filing made with the US Securities and Exchange Commission (SEC) for the quarter ended March 31, 2023, BlackRock valued the company at $8.2 billion, which is 62.7% lower than the $22 billion valuation ascribed to it at the time of its last fundraise in October last year. BlackRock owns less than 1% stake in the firm.

Earlier in February, the fund manager had cut the value of its investment in Byju’s to about $11 billion. The edtech firm’s other marquee investors include Tiger Global, Sequoia Capital, General Atlantic, Prosus and Tencent.

Byju’s has been under the scanner for delays in reporting its financial results and its overall business practices like mis-selling courses. It has also been facing issues with its lenders due to which they have been negotiating amendments to its loan terms, as ET reported earlier.

In April, the Directorate of Enforcement (ED) had conducted searches on several premises linked to Byju’s, as part of a probe into alleged violation of foreign exchange rules over the investments received and transfer of funds abroad by the edtech startup.

Other late-stage startups that have had their valuations revised by institutional investors in recent months include social commerce platform Meesho, fintech firm Pine Labs, online pharmacy PharmEasy, mobility company Ola and food delivery company Swiggy.

Online publication The Arc first reported about Byju’s valuation markdown by BlackRock on Tuesday evening.In February, ET reported that Byju’s had fired 1,000 employees including several senior roles in verticals like strategy, technology, and product. This came after a massive cost-cutting exercise initiated by the company last year. Byju’s and other online K12 education businesses have found it difficult to acquire new customers after a major bump up in Covid years.

The Bengaluru-headquartered company had announced its audited results for FY21 after an 18-month delay in September last year, with total loss amounting to Rs 4,588 crore. Revenue from operations had been readjusted to Rs 2,280 crore, a drop of around 50% from the projected revenue of about Rs 4,400 crore cited in the unaudited results.

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