HSBC, in a recent assessment of the company, revealed that it believes the $22 billion Byju’s is now worth zero, citing financial mismanagement, missed sales targets, governance issues, and the exit of key auditors and board members.
In a recent research report, HSBC calculated that the $22 billion valuation of the Indian edtech behemoth Byju's had now dropped to zero. BlackRock, one of Byju's investors, has also written off its investment on its own. According to their estimates, Byju's startup slide is among the most impressive ones in the past few years.
The Bengaluru-based business, which was formerly India's most valuable startup, has had a difficult year. HSBC's statement comes after that. Last year, Byju's struggled to meet its financial reporting deadlines and, as a result of several governance concerns, eventually failed to reach its sales predictions by more than 50%.
These problems, together with the sudden departures of the company's auditor and board members,...
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