MUMBAI, Nov 29 Reuters Tech investor Prosus NV said on Wednesday it was valuing Indian education firm Byju39;s at under 3 billion, 86 less than its peak valuation of 22 billion last year, after the company struggled with governance and cashflow problems.

The disclosure, made by interim CEO Ervin Tu during Prosus earnings call, is the latest cut to Byju39;s valuation after several executives and board members quit and it delayed filing its 202122 financial results by a year.

Over the past year, shareholders including Prosus and Blackrock have successively cut Byju39;s valuation to 11 billion in March, 8 billion in May and 5 billion in June.

Prosus on Wednesday did not give a reason for the valuation cut, but in July it said the company39;s management regularly disregarded advice despite repeated efforts by the Dutchlisted tech firm39;s former director to improve governance.

Byju39;s counts General Atlantic and Silver Lake as investors.

It has delayed publishing its financial results, prompting auditor Deloitte and three board members quit in June. Its chief financial officer also quit in the past week, as has its chief technology officer.

Byju39;s filed the delayed but incomplete financial results earlier this month, and is looking to sell off entire business lines to raise cash.

Reporting by M. Sriram and Aditya Kalra; Editing by Miral Fahmy

Source Reuters