Some of the biggest Indian startups are taking a haircut in their valuations — at least in the eyes of their investors — 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.

Byju’s raised capital last year at a valuation of $22 billion and has topped up more financing in recent quarters on a convertible note with the previous valuation set as the cap, according to people familiar with the matter. BlackRock made the disclosure about its valuation adjustment on the Indian edtech giant in its 2022 annual report to shareholders.

Swiggy climbed to $10.7 billion valuation in a round led by Invesco itself in January 2022. By the end of October, the Atlanta-headquartered firm had slashed the value of its Swiggy holdings to about $8 billion, filings showed.

More to follow.

US investors slash Byju’s and Swiggy valuation by Manish Singh originally published on TechCrunch