Two Byju's investors confirm board members stepping down - Hindustan Times
close_game
close_game

Two Byju's investors confirm board members stepping down

Reuters | | Posted by Singh Rahul Sunilkumar
Jun 23, 2023 11:55 PM IST

The resignations of GV Ravishankar of Peak XV Partners, earlier Sequoia Capital India, and Russell Dreisenstock of Prosus could exacerbate troubles at Byju's.

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.

 Byju's was asking its three global investors to reconsider their decision (Shutterstock)
Byju's was asking its three global investors to reconsider their decision (Shutterstock)

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 last year.

HT launches Crick-it, a one stop destination to catch Cricket, anytime, anywhere. Explore now!

"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.

ALSO READ | TCS hit by ‘bribe for jobs’ scandal; four executives sacked: Report

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.

Discover the complete story of India's general elections on our exclusive Elections Product! Access all the content absolutely free on the HT App. Download now!
Stay informed on Business News, TCS Q4 Results Live along with Gold Rates Today, India News and other related updates on Hindustan Times Website and APPs
SHARE THIS ARTICLE ON
Share this article
SHARE
Story Saved
Live Score
OPEN APP
Saved Articles
Following
My Reads
Sign out
New Delhi 0C
Friday, April 19, 2024
Start 14 Days Free Trial Subscribe Now
Follow Us On