Byju’s shareholders demand for CEO change

Edtech company Byju’s’ shareholders are seeking to oust the company’s founders and bring in a change to its leadership.

Source: X Photo

This comes after the edtech giant laid off thousands of employees and saw its valuation take a nosedive.

Source: X Photo

Just two years ago, in 2022, Byju’s was one of the hottest startups, controlled by billionaire Byju Raveendran.

Source: Byju Raveendran

The shareholders acknowledged that they were “deeply concerned” about the future stability of the company under the current leadership.

Source: X Photo

The statement was put out by Prosus Ventures, which has 9 per cent stake in Byju’s, and who said that they have the backing of other shareholders without naming them.

Source: Byju's

The meeting was requested by the investors to solve governance, management and compliance issues and reconstitute the board.

Source: X Photo

Byju's'woes continued for the large part of last year after Deloitte resigned as its auditor.

Source: Shutterstock

Deloitte said that it did not receive the necessary documents even after writing several times to the board.

Source: X Photo

Byju’s, one of the brightest success stories of the startup ecosystem, saw its valuation fall to between $1 billion and $3 billion.

Source: BYJU'S