Tuesday, June 25, 2024
Outlook.com
Outlook India
Outlook Business

Prosus

Ahead of the EGM, a group of four investors of Byju's filed an oppression and mismanagement suit against the management of the company in the Bengaluru bench of the NCLT

This is a 86 per cent decrease from its October 2022 valuation of $22 billion

In November 2021, Mensa Brands raised $135 million at a valuation of more than $1 billion, making it a unicorn

In a statement, Prosus said Byju's grew considerably since its first investment in 2018

The takeover is expected to be completed in 21-30 days

The company organised a town hall with Raveendran to allay apprehensions about the uncertainty around the company's growth and its future

Prosus holds a 9.6 per cent effective interest in BYJU'S

The move is likely to help Swiggy lower its cash burn, which is a lot more than what Zomato was burning

The development came one week after Dalal Street Asia reported that OLX is planning to downsize its operations in Indonesia and put the auto business on sale

Since the beginning of 2022, nearly 18,000 employees have lost their jobs in the Indian tech sector