Byju’s Investors Confirm Two Board Members’ Resignations

byjus logo facebook 1639647630792

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

The resignations of GV Ravishankar of Peak XV Partners, earlier Sequoia Capital India, and Russell Dreisenstock of Prosus could exacerbate troubles at Byju’s, which was valued at $22 billion (nearly Rs. 1,80,350 crore) last year.

“We are committed to supporting the company for bringing on board an independent director in order to strengthen business processes and internal control mechanisms,” Peak XV Partners said in a statement to Reuters.

The confirmation of resignations comes after sources told Reuters that three Byju’s board members, including a representative from Chan Zuckerberg Initiative, had quit recently.

Chan Zuckerberg Initiative did not immediately respond to a request for comment.

News of their departure came on Thursday, the same day Deloitte disclosed it was resigning as the company’s auditor because Byju’s had delayed financial statements for 2021-22 and not provided documents, even after sending several letters to its board.

When Reuters asked Byju’s about the resignations earlier this week, the company said the information was “completely speculative” and firmly rejected those claims.

Sources told Reuters on Friday that Byju’s was asking its three global investors to reconsider their decision to quit its board.

© Thomson Reuters 2023

The Motorola Edge 40 recently made its debut in the country as the successor to the Edge 30 that was launched last year. Should you buy this phone instead of the Nothing Phone 1 or the Realme Pro+? We discuss this and more on Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.
Affiliate links may be automatically generated – see our ethics statement for details.

For the latest tech news and reviews, follow Gadgets 360 on Twitter, Facebook, and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel.

Tesla’s NACS to Become Important Component for All EVs in Washington State

Author: desi123 is an online news portal that aims to provide the latest trendy news for Asians living in Asia and around the World.

Leave a Reply

Your email address will not be published. Required fields are marked *