Here is how BYJU's lost almost 75% of its valuation.
 At one point in time BYJUs was valued at 22Bn.
Now, Prosus- one of BYJU's investors- has stated that the fair value of the firm is 5.7Bn$.
 Why did the valuations got crushed? For this you need to understand the power of debt!
 In 2020, due to COVID crash: debt was cheap.
- Taking a loan was extremely cheap (no one wanted to hold money)
- Why? Interest rates were extremely low. Why would you want to do a fixed deposit at 4-4.5% rates? (when inflation is 7-8%).
 You would simply go and risk that money in stocks/startups/other places.
On top of this: due to COVID, many businesses shut shop and many were available at discounts to buy.
Almost every big firm, big investor understood this.
 Therefore, we saw Reliance raising massive capital (why? cheap debt).
Startups like BYJU's did the same.
More acquisitions meant more revenues.
And, a sense of growth.
 Unfortunately, there is a temporarily halt in cheap credit, in 2022.
And, it might take at a year or two for the cheap credit story to revive.
People are impatient about growth.
More interestingly, they become even more impatient, if there is de-growth.
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