In response to the faltering global economy, several top Indian companies see a reduction in their valuations, at least in the eyes of their investors.
According to documents viewed by TechCrunch, BlackRock has reduced Byju’s, the most valuable company in India, from $22 billion to almost half that amount at $11.5 billion. The value reduction was originally covered by the Indian news source The Arc.
According to filings by the American fund reviewed by TechCrunch, Swiggy, India’s most valued food delivery business at $10.7 billion, has been reduced to a valuation of roughly $8 billion by Invesco.
According to those who know the situation, Byju obtained further funding in subsequent quarters on a convertible note with the last value established as the ceiling. Byju raised cash last year at a valuation of $22 billion. In its 2022 annual report to shareholders, BlackRock disclosed its value adjustment on the Indian tech behemoth.
Swiggy’s value increased to $10.7 billion in a round that Invesco led in January 2022. However, according to disclosures, the Atlanta-based company reduced the value of its Swiggy assets to approximately $8 billion by the end of October.