Three key members of Byju’s have resigned from their roles at the Indian edtech giant, according to a media report, the latest in a series of headaches for the most valuable Indian startup.
The Bengaluru-headquartered startup, however, refuted the report, saying it was “entirely speculative” and that it denies the claims.
GV Ravishankar of Peak XV Partners (formerly known 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 Economic Times reported Thursday.
Byju’s said: “A recent media report suggesting the resignations of board members from Byju’s is entirely speculative. Byju’s firmly denies these claims and urges media publications to refrain from spreading unverified information or engaging in baseless speculation.”
Byju’s co-founders — Byju Raveendran and Divya Gokulnath — and Riju Raveendran also sit at the startup’s board.
ET also reported that auditing giant Deloitte will no longer be working with Byju’s. The startup confirmed what it termed as a “planned transition” and said it had appointed BDO (MSKA & Associates) as its statutory auditors.
The startup, the world’s most valuable education technology company, is grappling with a series of challenges. Byju’s refused to make a $40 million payment earlier this month and counter-sued its lenders. Byju’s said its lenders were operating in “bad-faith negotiating tactics.” Lenders allege that Byju’s has technically defaulted on the loan.
The startup is also cutting about 1,000 jobs as it pushes to improve its finances.
Byju’s refutes claims of key board members’ resignation by Manish Singh originally published on TechCrunch