BlackRock has yet again cut the value of its holding in Byju’s, slashing the implied valuation of the Indian education tech startup to $1 billion from $22 billion mark set in early 2022, TechCrunch reported on Friday, citing disclosures made by the asset manager.

BlackRock, which owns less than 1 per cent of Byju’s, declined to comment, while Byju’s did not immediately respond to a Reuters request for comment.

Tech investor Prosus NV valued Byju’s at under $3 billion in November last year after BlackRock cut its valuation to about $8.4 billion in May, the report said.

Amid a string of setbacks, Byju’s received a notice from the Enforcement Directorate (ED) in late November and is expected to pay a fine for alleged violations of foreign exchange laws.

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

Prosus did not give a reason for the valuation cut, but in July it said the company’s management “regularly disregarded advice” despite repeated efforts by the Dutch-listed tech firm’s former director to improve governance.

Byju’s counts General Atlantic and Silver Lake as investors.

The company has delayed publishing its financial results, prompting auditor Deloitte and three board members to quit in June. Byju’s chief financial officer also quit in the past week, as has its chief technology officer.

Byju’s filed the delayed but incomplete financial results in November and is looking to sell off entire business lines to raise cash.

Meanwhile, investors are hopeful of strong growth of the start-ups in this year. Funding winter and corporate governance woes saw funds into the segment tapering to just around $8 billion.