(Reuters) – Two investors in Byju’s confirmed on Friday that their representatives had resigned from the Indian startup’s board, a move that comes amid a turmoil at the once high-flying edtech company.
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 previously valued at $22 billion last year.
The confirmation comes after sources told Reuters that three Byju’s board members, including a representative from Chan Zuckerberg Initiative, had quit recently.
Reports of their departures came on Thursday, the same day Deloitte disclosed it was resigning because Byju’s had delayed financial statements for 2021-22 and not provided documents, even after the auditor wrote several letters to the board.
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.
(Reporting by Shivani Tanna and Akriti Sharma in Bengaluru; Editing by Shounak Dasgupta and Anil D’Silva)
