Byju’s Traders Verify Two Board Members’ Resignations

Two prime 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 in an effort to strengthen enterprise processes and inner management mechanisms,” Peak XV Companions stated in an announcement to Reuters.

The affirmation of resignations comes after sources instructed Reuters that three Byju’s board members, together with a consultant from Chan Zuckerberg Initiative, had give up lately.

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 “utterly speculative” and firmly rejected these claims.

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

© Thomson Reuters 2023