Three key members of Byju’s have resigned from their roles on the Indian edtech large, based on a media report, the most recent in a sequence of complications for essentially the most useful Indian startup. The Bengaluru-headquartered startup, nonetheless, refuted the report, saying it was “totally speculative” and that it denies the claims.
GV Ravishankar of Peak XV Companions (previously referred to as Sequoia India and Southeast Asia), Vivian Wu of Chan Zuckerberg Initiative, and Russell Dreisenstock of Prosus have stepped down from the board, Indian newspaper Financial Instances reported Thursday.
“A current media report suggesting the resignations of board members from BYJU’S is totally speculative. Byju’s firmly denies these claims and urges media publications to chorus from spreading unverified info or participating in baseless hypothesis,” a Byju’s spokesperson mentioned in an announcement Thursday.
Byju’s co-founders — Byju Raveendran and Divya Gokulnath — and Riju Raveendran additionally sit on the startup’s board.
The startup, the world’s most respected schooling expertise firm, is grappling with a sequence of challenges. Byju’s refused to make a $40 million fee earlier this month and counter-sued its lenders. Byju’s mentioned its lenders had been working in “bad-faith negotiating techniques.” Lenders allege that Byju’s has technically defaulted on the mortgage.
The startup can also be chopping about 1,000 jobs because it pushes to enhance its funds.
