Byju’s Buyers Affirm Two Board Members’ Resignations

Two prime traders 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 yr.

“We’re dedicated to supporting the corporate for bringing on board an impartial director in an effort to strengthen enterprise processes and inside management mechanisms,” Peak XV Companions stated in a press release to Reuters.

The affirmation of resignations comes after sources informed Reuters that three Byju’s board members, together with a consultant from Chan Zuckerberg Initiative, had stop 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 supplied paperwork, even after sending a number of letters to its board.

When Reuters requested Byju’s in regards to the resignations earlier this week, the corporate stated the knowledge was “fully speculative” and firmly rejected these claims.

Sources informed Reuters on Friday that Byju’s was asking its three international traders to rethink their resolution to stop its board.

© Thomson Reuters 2023