1947 Rise ☀️: 221
1947 Rise ☀️: 221
‘India is top priority for HSBC; more Indians turning wealthy
1. Prosus values its 9.67 percent stake in Byju’s at $578 million
Amid a drop in tech valuations due to macro headwinds, Netherlands-based technology investor Prosus recorded the fair value of its 9.67 percent stake in Byju’s at $578 million at the end of the September quarter, when it began classifying the edtech company as a non-controlling financial investment rather than an associate as its shareholding fell below 10 percent.
Although Prosus’ accounting entry implies that it values Byju’s at $5.97 billion, experts say that different shareholders may value a private company differently in their books. Moreover, there may be a substantial difference in how a significant shareholder and a minority shareholder value shares in the same company.
Byju’s was valued at $22 billion in its last funding round in October.
Prosus values its 9.67 percent stake in Byju’s at $578 million
2. Next year will be worse for tech than 2022: Unacademy’s Gaurav Munjal
A panel comprising top names from India’s startup and tech brigade discussed how new-age firms are navigating the current downturn and addressing issues such as growth versus profitability.
Participating in the discussion, Kalyan Krishnamurthy, CEO, Flipkart Group, said, “The next 12 to 18 months is where we will see a lot of turmoil and volatility, post which I think things will be much better. Krishnamurthy said that he had anticipated the downturn in 2021.
“In 2021, companies saw a spike in valuation of two times to six times with some underlying assumptions for the next two to three years. I think very quickly it was clear that those assumptions are not going to play out, whether it is on growth or profitability,” he added.
Harsh Jain, cofounder and CEO, Dream Sports, had said that the problem occurs when “you try to hyper-grow when your unit economics are not in place”.
“We need to have that 2008 kind of mindset, where you cannot count on funding six or 12 months down the line. I mean we are not non-profitable forever,” Jain had said at the event.
Next year will be worse for tech than 2022: Unacademy’s Gaurav Munjal
A podcast 🎙
1947 Rise podcast with Hemant Mohapatra, Partner at Lighspeed India.
We covered:
- Hemant's journey so far
- Why he left a16z and joined Lightspeed and moved back to India
- Evolution of the Indian tech ecosystem in the last four years
- How are Indian founders different from the founders in the US
& more!
☀️☀️☀️
Full conversation on YouTube: http://bit.ly/3tU64hP
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Simplilearn acquires New York-based Fullstack Academy Link
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‘India is top priority for HSBC; more Indians turning wealthy’ Link