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Byju's valuation slashed by 44.6% to $11.7B by Baron Capital

IndianStartupNews

IndianStartupNews · 1y ago

Byju's valuation slashed by 44.6% to $11.7B by Baron Capital

Byju's, the troubled edtech giant once valued at around $22 billion, has seen its valuation plummet to $11.7 billion as of June 30, 2023, following a 44.6% reduction by US-based Baron Capital. Reasons cited for the valuation cut include the resignation of Deloitte as auditor and the departure of three board members. Despite the downturn, Baron Capital still sees potential for Byju's in the Indian edtech sector due to its dominant market position and structural growth opportunities. This decline in valuation reflects a broader trend of investors revising valuations for various prominent startups in India.

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Valuation Markdowns: 8 Indian unicorns that faced investors' wrath in 2023

Inc42 · 1y ago

Valuation Markdowns: 8 Indian unicorns that faced investors' wrath in 2023

In 2023, several top Indian startups, including BYJU'S, Meesho, and PharmEasy, faced valuation markdowns by their investors due to a slowdown in business and the funding winter. Investors such as BlackRock, Prosus, Baron Capital, Neuberger Berman, Janus Henderson, and Fidelity Investments slashed the valuations of these unicorns on their books. These markdowns have the potential to create a ripple effect on the startup ecosystem.

Baron Capital Slashes BYJU’S Valuation By 99%

Inc42 · 1y ago

Baron Capital Slashes BYJU’S Valuation By 99%

Baron Capital has reduced the fair value of its investment in edtech firm BYJU'S by 99.85% to $120 million. The investment firm has valued its BYJU'S shares in the Baron Emerging Markets Fund at $75,485 and its shares in the Baron Global Advantage Fund at $45,294. This decrease reflects a larger concern regarding the valuation of BYJU'S, which has experienced a significant decline from its peak valuation of $22 billion.

Byju's restructures businesses; consolidates verticals into two

Economic Times

Economic Times · 1y ago

Byju's restructures businesses; consolidates verticals into two

Edtech company Byju's has announced a restructuring, consolidating four verticals into two: K-10 and exam preparation. This comes amidst a series of crises for the company, including the resignation of key board members and the departure of senior executives. Byju's Chief Business Officer Prathyusha Agarwal, Mukut Deepak (Business Head for class 4 to 10), and Himanshu Bajaj (Head of Tuition Centers) have all resigned. US-based asset management firm Baron Capital Group recently slashed Byju's valuation by almost half due to various challenges the company has been facing.

Baron Capital marks up Swiggy, Pine Labs valuation; almost halves Byju’s value

Economic Times

Economic Times · 1y ago

Baron Capital marks up Swiggy, Pine Labs valuation; almost halves Byju’s value

US asset management firm Baron Capital Group has increased the valuations of food delivery firm Swiggy and fintech platform Pine Labs as of June this year, citing a positive outlook on India's macroeconomic environment. However, Baron slashed the valuation of edtech company Byju’s by almost half due to recent events, including changes in auditors and board resignations. This reflects Byju’s challenges, including disagreements with lenders, investors, employees, and customers. Despite this, Baron still sees potential in Byju’s as India's largest edtech player with structural growth opportunities in online education services.

IPO-bound Swiggy's valuation up by 13% at $12.1 bn from $10.7 bn: Report

Business Today

Business Today · 1y ago

IPO-bound Swiggy's valuation up by 13% at $12.1 bn from $10.7 bn: Report

US asset manager Baron Capital Group has increased the fair value of Indian food delivery app Swiggy by 13% to $12.16bn, up from its previous valuation of $10.7bn. The valuation update was disclosed in a filing with the US Securities and Exchange Commission. Baron Capital had previously invested in Swiggy during a $700m funding round in January 2022. In addition, Swiggy is planning to go public in mid-2024, with its initial public offering expected to be valued at around $1bn.

Baron and Invesco mark up Pine Labs’ valuation

Entrackr

Entrackr · 1y ago

Baron and Invesco mark up Pine Labs’ valuation

US-based investment firms Baron Funds and Invesco have marked up the valuation of fintech unicorn Pine Labs. While Baron increased its valuation to $5.8 billion, Invesco marked the firm’s value up to $4.8 billion as of December 2023. Earlier, Baron Funds valued the firm at $5.3 billion in September last year whereas Invesco cut its valuation to $3.9 billion as of October 31. Invesco had last invested $100 million in Pine Labs in September 2021 while Baron Capital led a $285 million round in the fintech unicorn in May. ET reported the development first via regulatory filings with the US Securities and Exchange Commission. Pine Labs has been facing ups and downs in its fair valuation since last year. For the record, Fidelity marked up its stake value in July last year but later slashed its valuation to $3 billion from $4.7 billion as of October. Pine Labs’ revenue continued to climb in FY23 as its collection spiked 56% to Rs 1,588 crore. However, its losses still not tapering down and grew by 12% to Rs 227 crore. The firm is yet to file its FY24 numbers. Pine Labs has been trying to go public for the past few years as its backers including Peak XV Partners are eyeing an exit. Last year, it finalized bankers for an IPO in the US but the attempt didn’t materialize even though the firm’s chief executive Rau refuted the reports of delaying the public listing plan on NASDAQ. On the lines of other large fintechs such as Groww and Razorpay, Pine Labs is seeking to move its domicile to India which appears to have a better public market sentiment for tech companies. Besides Pine Labs, Swiggy, Meesho, FirstCry and Ola Electric also saw markups in their valuation in the last six months.

IPO-bound Swiggy's valuation up by 13% at $12.1 bn from $10.7 bn: Report

Business Today

Business Today · 1y ago

IPO-bound Swiggy's valuation up by 13% at $12.1 bn from $10.7 bn: Report

US asset manager Baron Capital Group has increased the fair value of Indian food-delivery app Swiggy, boosting its valuation by 13% to $12.16bn in anticipation of its upcoming IPO. The valuation update was revealed in filings with the US Securities and Exchange Commission. Baron Capital had previously invested in Swiggy during a $700m funding round in January 2022. As of the end of December 2023, the asset manager held a stake worth $87.2m in Swiggy's parent company. Swiggy is planning to go public in mid-2024 with a projected $1bn IPO.

Baron Capital, Invesco Bump Up Pine Labs’ Valuation

Inc42 · 1y ago

Baron Capital, Invesco Bump Up Pine Labs’ Valuation

Pine Labs, the fintech unicorn, has seen increased valuation from investment firms Baron Capital and Invesco. Baron Capital raised the valuation to $5.8 billion at the end of December 2023, up from $5.3 billion in September 2023, while Invesco increased its valuation to $4.8 billion in December from $3.9 billion in October. These increases come after the company faced multiple markdowns last year. Despite the valuation gains, Pine Labs' net loss doubled to INR 56.2 crore in FY23, although operating revenue grew 37% to INR 1,280 crore. Pine Labs is also considering moving its headquarters back to India for a potential public listing.

Baron values Swiggy at $12.16B, above prior private market valuation

TechCrunch · 1y ago

Baron values Swiggy at $12.16B, above prior private market valuation

Baron Capital has increased the value of its stake in Indian food delivery platform Swiggy, indicating a valuation of $12.16 billion. This surpasses Swiggy's previous post-money valuation of $10.7 billion. The valuation increase is significant for Swiggy, as its value had previously been marked down to $5.5 billion. Baron Capital stated that Swiggy is well-positioned to benefit from the growth in online food delivery in India and that the industry is still in its early stages. Swiggy, which holds a 45% market share, plans to file for an IPO this year.

Baron Capital marks Swiggy valuation at $12.1 billion, up 13% from last fundraise

Economic Times

Economic Times · 1y ago

Baron Capital marks Swiggy valuation at $12.1 billion, up 13% from last fundraise

Baron Capital Group has raised the fair value of Indian food delivery platform Swiggy to $12.1 billion, a 13% increase from its last funding round. The move marks the third consecutive time Baron Capital has raised the value of its holding in Swiggy, with the latest valuation reflecting the company's performance as of December 2023. Additionally, Baron Capital holds stakes in Swiggy's competitor, Zomato, worth over $11 million. Swiggy is planning a $1 billion IPO, with a substantial offer-for-sale component for existing investors.

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