Byju’s, the Indian startup that was once valued at $22 billion, is facing further troubles as two top investors, GV Ravishankar of Peak XV Partners and Russell Dreisenstock of Prosus, have resigned from its board. This comes as Byju’s battles pressure from lenders and a significant drop in valuation.
Peak XV Partners stated in a Reuters statement that they remain committed to supporting the company and its goal of strengthening business processes and internal control mechanisms by bringing on an independent director.
Reuters sources also confirmed the recent resignations of three other board members, including a representative from Chan Zuckerberg Initiative, although the Initiative has not yet commented on the matter.
The resignations coincide with Deloitte’s disclosure that it is resigning as Byju’s auditor due to the company’s delay in providing financial statements for 2021-2022 and failure to provide requested documents.
Despite earlier denials, sources told Reuters that Byju’s is now requesting its three global investors to reconsider their decision to leave the board.
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Deepak Sen is a tech enthusiast who covers the latest technological innovations, from AI to consumer gadgets. His articles provide readers with a glimpse into the ever-evolving world of technology.