Only CEO Byju Raveendran, his wife Divya Gokulnath, and brother Riju Raveendran are left on the board of the edtech giant, if latest reports are to be believed.
The board of India’s top edtech company now only has the founder family in CEO Byju Raveendran, his wife Divya Gokulnath, and brother Riju Raveendran. The edTech giant run by India’s startup poster boy appears to have encountered troubled waters.
Byju’s recently skipped repayment of millions and entered into a legal tussle with a US lender. The firm has now reportedly seen key resignations including auditor Deloitte and three of its board members.
According to latest reports, Byju’s board members GV Ravishankar, MD of early-backer Peak XV Partners (formerly Sequoia Capital India), Russell Dreisenstock of Prosus and Chan Zuckerberg's Vivian Wu have all resigned. While sources confirmed the news, the reason behind the key resignations is unclear as of now.
Meanwhile, Byju’s has rejected the media reports claiming resignations of board members, terming them as entirely speculative. “"BYJU'S firmly denies these claims and urges media publications to refrain from spreading unverified information or engaging in baseless speculation,” a spokesperson said.
Audit firm Deloitte resigned as auditors of Byju's citing a delay in the firm submitting its financial statements. It stepped down stating that "the financial statements of the company are long delayed”.
This is seen as deepening the crisis at Byju’s which is currently grappling with repayment of a $1.2 billion loan. It has seen its valuation cut down recently to $8.2 billion (over Rs 67,000 crore), from the peak of $22 billion, by Blackrock.
(Inputs from PTI)