Macquarie Capital reduces Byju's stake value by 98% due to Julius Baer Group's accusations of inflated valuation.

Macquarie Capital is slashing the value of its stake in Indian edtech startup Byju's by about 98% following accusations from Swiss bank Julius Baer Group that it charged fees based on an outsized and outdated valuation. Macquarie Capital invested around $200m in Byju's in 2021. Julius Baer CIO Yves Bonzon wrote to Macquarie Capital in January, stating that the firm was too slow to revalue the stake and provide information.