Byju’s Buyers Affirm Two Board Members’ Resignations

Two high buyers in Byju’s confirmed on Friday that their representatives had resigned from the board of the as soon as high-flying Indian startup, which has been battling stress from lenders amid a steep drop in its valuation.

The resignations of GV Ravishankar of Peak XV Companions, earlier Sequoia Capital India, and Russell Dreisenstock of Prosus may exacerbate troubles at Byju’s, which was valued at $22 billion (almost Rs. 1,80,350 crore) final 12 months.

“We’re dedicated to supporting the corporate for bringing on board an unbiased director with the intention to strengthen enterprise processes and inner management mechanisms,” Peak XV Companions mentioned in a press release to Reuters.

The affirmation of resignations comes after sources advised Reuters that three Byju’s board members, together with a consultant from Chan Zuckerberg Initiative, had give up not too long ago.

Chan Zuckerberg Initiative didn’t instantly reply to a request for remark.

Information of their departure got here on Thursday, the identical day Deloitte disclosed it was resigning as the corporate’s auditor as a result of Byju’s had delayed monetary statements for 2021-22 and never offered paperwork, even after sending a number of letters to its board.

When Reuters requested Byju’s concerning the resignations earlier this week, the corporate mentioned the knowledge was “utterly speculative” and firmly rejected these claims.

Sources advised Reuters on Friday that Byju’s was asking its three world buyers to rethink their resolution to give up its board.

© Thomson Reuters 2023