Some of the biggest Indian startups are taking a haircut in their valuations as their backers adjust their estimates amid the weakening global economy.
BlackRock has cut the valuation of Byju’s, which is India’s most valuable startup at $22 billion, to nearly half at $11.5 billion, according to filings seen by TechCrunch. Indian news outlet The Arc first reported about the valuation cut.
Swiggy, India’s most valuable food delivery startup at $10.7 billion, has been marked down to a valuation of about $8 billion by Invesco, according to disclosures by the U.S. fund seen by TechCrunch.
More to follow.
