Wirecard short-seller Fraser Perring sets crosshairs on Byju’s, Sofina Group

Fraser Perring, known for short-selling payment firm Wirecard, has put a short position on Belgium-based investment firm Sofina Group, reported The Morning Context.

Indian edtech unicorn Byju’s is one of Sofina Group’s top investments, but Perring says that the business is “unsound” and “overvalued.”

Sofina Group’s stocks closed at 225 euros (US$241.86) on Monday, its third-lowest close year to date. Its value dropped almost 50% from the start of the year and has slipped by almost 22% in the past month alone.

Byju’s was reportedly planning to buy US-listed edtech player Chegg and has been planning to go public through a US SPAC deal. Byju’s-owned edtech firm Great Learning has also recently acquired Singapore-based Northwest Executive Education in a US$100 million deal.

See also: Byju’s aims to be profitable by FYE 2022 despite acquisition spree

Currency converted from Euros to US dollar: US$1 = 0.93 euros.