Morning Buzz: Prosus cuts Byju's valuation by more than half to $3 billion; Cabinet extends free foodgrains scheme by five years, and more

[CAPTION]Dutch investor Prosus has cut Byju’s valuation by more than half to $3 billion. Illustration: Avishek Das/SOPA Images/LightRocket via Getty Images[/CAPTION]

Byju’s valuation cut to $3 billion

Dutch investor Prosus has cut Byju’s valuation by more than half to $3 billion. This is the third time the investor that owns 9.67 percent of the company has marked down the company’s valuation. At its peak, in July 2022, Byju’s was India’s most valued startup worth $22.5 billion. Edtech’s UpGrad and Unacademy have fired thousands of staff in the last year. Prosus also marked down the investment in PharmEasy, but did not specify a new valuation. 
(Economic Times, Business Standard, Mint)

Cabinet extends free foodgrains scheme by five years

The Union Cabinet has approved the extension of the free foodgrain scheme by five years. The scheme will cost the government an additional Rs14,000 to Rs15,000 crore a year. The Centre has spent an additional Rs11.8 lakh crore on this in the last five years. The government clarified that there will be no reduction in the foodgrains distributed nor any cap on the amount distributed in this scheme.
(Business Standard, BusinessLine)

Jay Kotak assumes larger role in Kotak Mahindra Bank

Jay Kotak has assumed additional charge as senior vice president conglomerate relationships at Kotak Mahindra Bank. He is said to be working on this role since May. It is not common for retail bankers to take on corporate banking roles and this indicates that he could be groomed for the top job that opens up in December 2026.
(BusinessLine)

Top PMS funds see outflows

India’s top 20 PMS funds have seen combined outflows of Rs3,400 crore. This is according to data compiled by Kotak Institutional Equities. The funds manage Rs2 lakh crore in total. Ten out of the 20 funds have delivered negative returns with Marcellus posting negative returns of 14 percent. Enam, the largest asset manager, saw a net inflow of Rs500 crore, taking assets under management to Rs35,300 crore.
(BusinessLine)