Indian Ed-tech giant Byju’s confirmed on Friday that representatives of two of its investors have resigned from the board. The once-skyrocketing startup has been under pressure from lenders amid a steep drop in the company’s valuation.
The resignations of GV Ravishankar representing Peak XV Partners, earlier known as Sequoia Capital India and Russell Dreisenstock of Prosus can cause troubles for Byju’s, which showed a valuation of $22 billion (nearly 1,80,350 crore) last year.
Peak XV Partners speaking to Reuters said, “We are committed to supporting the company for bringing on board an independent director in order to strengthen business processes and internal control mechanisms.” The recent resignations come after the representative of the Chan Zuckerberg Initiative exited the company recently. The news of departure has come in the midst when Deloitte has disclosed it was resigning as the official auditor of Byju’s over delayed financial statements for 2021-22 and not providing adequate documents, even after a series of letters send to the board demanding explanation.
As per Reuters report, earlier this week Byju’s termed the resignations as “mere speculation” and rejected the claims whereas internal sources on Friday said that Byju’s was asking the exiting global investors to reconsider on the decision.