Byju Raveendran’s Rs 67,000 crore giant in hassle? Reports claim only founder family left on board, auditor quits
The board of India’s high edtech firm now only has the founder family in CEO Byju Raveendran, his spouse Divya Gokulnath, and brother Riju Raveendran. The edTech giant run by India’s startup poster boy seems to have encountered troubled waters.
Byju’s just lately skipped reimbursement of tens of millions and entered right into a authorized tussle with a US lender. The agency has now reportedly seen key resignations together with auditor Deloitte and three of its board members.
According to newest reviews, Byju’s board members GV Ravishankar, MD of early-backer Peak XV Partners (previously Sequoia Capital India), Russell Dreisenstock of Prosus and Chan Zuckerberg’s Vivian Wu have all resigned. While sources confirmed the information, the explanation behind the important thing resignations is unclear as of now.
Meanwhile, Byju’s has rejected the media reviews claiming resignations of board members, terming them as completely 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 agency Deloitte resigned as auditors of Byju’s citing a delay in the agency submitting its monetary statements. It stepped down stating that “the monetary statements of the corporate are lengthy delayed”.
This is seen as deepening the disaster at Byju’s which is at present grappling with reimbursement of a $1.2 billion mortgage. It has seen its valuation lower down just lately to $8.2 billion (over Rs 67,000 crore), from the height of $22 billion, by Blackrock.
(Inputs from PTI)
