Two high 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 strain 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 might exacerbate troubles at Byju’s, which was valued at $22 billion (practically Rs. 1,80,350 crore) final 12 months.
“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 mentioned in a press release to Reuters.
The affirmation of resignations comes after sources informed 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.
News 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 concerning the resignations earlier this week, the corporate mentioned the knowledge was “completely speculative” and firmly rejected these claims.
Sources informed Reuters on Friday that Byju’s was asking its three world buyers to rethink their determination to give up its board.
© Thomson Reuters 2023
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